What is the effective annual rate if a firm charges you $7\mathrm{.}75$ percent, compounded daily, based on a $360-$day year?

$7\mathrm{.}928\%$

$7\mathrm{.}994\%$

$8\mathrm{.}057\%$

$7\mathrm{.}582\%$

$8\mathrm{.}109\%$