An initial investment of $1,000 - at a 8% annual interest rate - yields $1,080 in one year (no compounding). Now consider that compouding on a quarterly basis is introduced. With quarterly compounding the EAR is equal to what percent

An initial investment of $1,000 - at a 8% annual interest rate - yields $1,080 in one year (no compounding). Now consider that compouding on a quarterly basis is introduced. With quarterly compounding the EAR is equal to ID percent. (enter your response rounded to two decimal places)