After completing your school, you are committed to saving for retirement. To do so, you plan to maximize your contributions to your tax-deferred (401k) retirement account. You plan to invest your savings in low-cost equity mutual funds. In your opinion, this will give you an 8% effective annual rate of return. You plan to work 30 years, then retire.

A. What is the APR with monthly compounding that will yield an effective annual rate of 8%?