What is the effective annual rate if a bank charges you $7\mathrm{.}64\%$ compounded quarterly?

A$.7\mathrm{.}79\%$

B$.7\mathrm{.}86\%$

C$.7\mathrm{.}95\%$

D$.7\mathrm{.}98\%$

E$.8\mathrm{.}01\%$