A bank offers you $12\%$ annual rate $($APR$),$ compounded monthly. What is the equivalent annual rate $($EAR$),$ compounded annually? $($pick the best answer$)$

Group of answer choices

EAR

$12\%$

$12\%$

EAR

$12\mathrm{.}25\%$

$12\mathrm{.}25\%$

EAR

$12\mathrm{.}50\%$

$12\mathrm{.}50\%$

EAR