Your answer is incorrect.

A bank is currently offering a savings account paying an interest rate of $8\mathrm{.}4$ percent compounded quarterly. Interest is paid once month at the end of each month. It would like to offer another account, with the same effective annual rate, but compounded $m$

What is the equivalent rate compounded monthly? $($Round answer to $4$ decimal places, e:g$.25\mathrm{.}1254\%.)$