Multiple choice Question

In a particular RRSP which is compound monthly the amount in dollars (A) in the RRSP after "N" months is given in the equation A=5000(1.005)^n

What is the annual interest rate (compound monthly) of this RRSP
a)0.5% b)5% c)6% d)0.06%

the .005 tells you it is 0.5 % - - but it is 0.5% **every month**.
If it is 1/2 percent every month - what would the *annual* interest be?