A sum of money is left invested for 2 years. In the first year, it earns interest at 12% p.a. compounded monthly. In the second year, the rate of interest is 8% compounded quarterly. Find the effective annual rate of interest that would accumulate the same amount of interest at the end of year 2. (to 2 decimal places)

a. 12.20% b. 13.20% c. 11.04% d. 10.44%