Suppose United Bank offers to lend you $10,000 for one year at a nominal annual rate of 8.30%, but you must make interest payments at the end of each quarter and then pay off the $10,000 principal amount at the end of the year. What is the effective annual rate on the loan?

Group of answer choices

8.67%

8.88%

8.46%

8.56%

8.77%