Answer
$8.3 \%$
Work Step by Step
Need to use formula: $A(t)=P(1+\dfrac{r}{n})^{nt}$
Here, we have
$A(1)=P(1+\dfrac{0.08}{12})^{(12)(1)}$
or, $=P(1+\dfrac{0.08}{12})^{12}$
or, $A(1)=P(1.083)$
Now, $a=\dfrac{A(1)-A(0)}{A(0)}=\dfrac{1.083P-P}{P}=0.083 =8.3 \%$
