Question $13(1$ point$)$

Li buys a $$100000$ life insurance policy, which requires an annual premium of $$420$ or a monthly premium of $$37.$ In either case, the premium is payable at the beginning of the period of coverage. What is the effective rate of interest Li pays, if he chooses monthly payment plan?

a

$10\mathrm{.}89\%$

b

$13\mathrm{.}04\%$

c

$10\mathrm{.}39\%$

d

$1\mathrm{.}09\%$

e

$5\mathrm{.}7\%$