Bank A pays 8 percent interest, compounded quarterly, on its money market account. The managers of Bank B want its money market account to equal to Bank As effective annual rate, but interest is to be compounded on a monthly basis. What nominal, or quoted rate must Bank B set?

Question 8 options:

a) 7.880%

b) 7.915%

c) 7.947%

d) 8.000%

e) 8.073%