answer in proportion. round off if needed. thank you. Your bank offers you a new savings account that earns a 20% annual percentage rate (nominal interest rate) compounded monthly. You plan to make...

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Extracted text: answer in proportion. round off if needed. thank you. Your bank offers you a new savings account that earns a 20% annual percentage rate (nominal interest rate) compounded monthly. You plan to make payments into this account quarterly. Calculate the effective interest rate per payment period. Note: when calculating interest rates, do not convert to a percent. Leave it in decimal format and round to 4 places after the decimal. So if you think the answer is 3.45678%, then leave it as a proportion as 0.0345678 and then round to 0.0346.