Tom decides to make quarterly deposits of $1,000 into retirement account that pays 8% interest with monthly compounding. He would like to know how large his retirement fund will be in 40 years but needs your help to figure out the correct rate to use in calculations. What is the appropriate rate for this valuation? Note you only need to figure out the rate and nothing else. (Type your solution and the answer in the space provided. Round your final answer to 4 decimal places.)