15. Bank A pays 8 percent interest, compounded semiannually, on its money market account. The managers of Bank B want its money market account to equal Bank A's effective annual rate, but interest is to be compounded monthly. What nominal rate must Bank B set?

1. 8.16%

2. 7.87%

3. 8.00%

4. 7.94%

5. 8.24%