Jenny Lin, manager of Boutique Clothing, wants to sell on credit, giving customers 3 months in which to pay. However, Jenny will have to borrow from her bank to carry the accounts receivable. The bank will charge a nominal 8%, but with monthly compounding. Jenny wants to quote a nominal rate to her customers (all of whom are expected to pay on time) that will exactly cover her financing costs. What nominal annual rate should she quote to her credit customers?