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You've just put some money into a bank savings account that has a nominal interest rate of 12% and compounds interest every three months (quarterly).

You've just put some money into a bank savings account that has a nominal interest rate of 12% and compounds interest every three months (quarterly). What is the effective annual interest rate that you will earn on this account?

12.49%

12.00%

12.68%

12.55%

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