After Brittney graduates from college, he wants to reward herself by purchasing a new car for $6081. Since Brittney has no money, she plans to take a bank loan. The bank agrees to give him 24 months loan with 9.92 percent annual interest rate compounded semiannually. What is the effective annual rate on this loan?

Select one:

a. 10.17 percent

b. 10.30 percent

c. 10.38 percent

d. 10.41 percent