What is the effective rate if you have a 3% nominal rate compunded quarterly?

Answer 1

The question reads as though 3% is your annual rate.

In which case:

3%/4 = 0.75% quarterly rate.

To get effective annual rate: (1.0075)^4 - 1 = .030339 or 3.0339%

Answer 2

The effective rate would be ((1+.03)^4-1), or 12.55%.