Dragon bank is offering student credit cards at a special low interest rate of $16\%$ per annum. If monthly minimum payments are required and interest is charged on monthly balances what is the effective annual rate $($EAR$)?$

$13\mathrm{.}33\%$

$15\mathrm{.}96\%$

$16\mathrm{.}00\%$

$17\mathrm{.}23\%$