Anne and Michael Both Put $\$ 5000$ In a Savings Account $8 \%$

Multiple Choice

Anne and Michael both put $\$ 5000$ in a savings account. Anne gets $8 \%$ compounded monthly. In Michael's account, the interest is compounded annually. Two years later the amount in Anne's account is exactly the same as the amount in Michael's account. What can you conclude about the interest rate for Michael's account?

A) It is less than $8 \%$ .
B) It is greater than $8 \%$ .
C) It is equal to $8 \%$ .
D) There is not enough information to determine whether it is greater or less than $8 \%$ .