To alleviate congestion on a major highway, a state government plans to finance a new bridge for freight and express traffic using 10-year bonds that pay a coupon (bond interest) rate of 6% per year, payable quarterly. If the state is authorized to issue bonds with a total face value of $1,000,000 and investors are willing to pay $950,000, what are the effective quarterly and nominal annual interest rates for this bond investment?