Juwan would like to withdraw $365,000 from retirement savings when he retires. Assuming he can earn a 6.0 percent annualized rate of return on retirement assets, and that inflation will average 2.0 percent during retirement, how much will he need on his first day of retirement to fund twenty-four yearly payments?

One of the answers on Chegg has an effective interest rate of 8.12% and a monthly payment of $5,376.55. Would you tell me how the 8.12% is derived? Or if this is even correct? If not, please complete the steps so I better understand this problem.