Use the following information to answer the next two questions: Harold needs to grow the $$4,940$ he currently has to $$19,760$ in eight years. He has found an investment that offers daily compounding and an effective annual rate $($EAR$)$ of $12\%.$

Question $23$

$5$ pts

What is the periodic interest rate? $($Remember a periodic interest rate is defined as: $\frac{\text{A}\text{P}\text{R}}{m}.)$ Express your answer in percentage form and round it to $2$ decimal places. For example $22\mathrm{.}14\%.$