Allis Bank is offering you a credit card with an APR of $15\mathrm{.}7$ percent. The bank compounds interest quarterly. What is the effective annual rate?

A$.14\mathrm{.}88$ percent

B$.15\mathrm{.}42$ percent

C$.15\mathrm{.}88$ percent

D$.16\mathrm{.}65$ percent

E$.16\mathrm{.}88$ percent