You are considering a savings account that offers an APR of $3\mathrm{.}5\%,$

compounded quarterly. What is the EAR for this savings account?

$3\mathrm{.}89\%$

$3\mathrm{.}55\%$

$4\mathrm{.}12\%$

$3\mathrm{.}76\%$

$3\mathrm{.}94\%$