Your child's orthodontist offers you two alternative payment plans. The first plan requires a $4,400 immediate up-front payment. The second plan requires you to make monthly payments of $144.09, payable at the end of each month for 3 years. What nominal annual interest rate is built into the monthly payment plan?

a. 11.69%

b. 11.02%

c. 5.64%

d. 8.70%

e. 19.09%