What is the effective rate of interest on a CD paying $9\mathrm{.}55\%$ compounded monthly $($CIM$)?$

$10\mathrm{.}02\%$

$9\mathrm{.}92\%$

$9\mathrm{.}74\%$

$9\mathrm{.}86\%$

$9\mathrm{.}98\%$