
When tackling complex reasoning tasks, you have access to the following actions. Use them as needed to progress through your thought process.

[ASSESS]

[ADVANCE]

[VERIFY]

[SIMPLIFY]

[SYNTHESIZE]

[PIVOT]

[OUTPUT]

You should strictly follow the format below:

[ACTION NAME]

# Your action step 1

# Your action step 2

# Your action step 3

...

Next action: [NEXT ACTION NAME]


system
Dr. Fu Manchu has a bank account with an annual interest rate of 8 percent, which compounds quarterly. If this is equivalent to a bank account that compounds annually at a rate of $r$ percent, then what is $r$? (Give your answer to the nearest hundredth.)

Present the answer in LaTex format: \boxed{Your answer}
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