A loan is offered with monthly payments and a $8\mathrm{.}50$ percent APR. What's the loan's effective annual rate $($EAR$)?$

Note: Do not round intermediate calculations and round your percentage answer to $2$ decimal places $($i$.$e$.,0\mathrm{.}1234$ should be entered as $12\mathrm{.}34).$

Effective annual rate