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Bank 1 offers to lend you $100,000 at a nominal rate of 5.50%, compounded daily. Bank 2 offers to lend you the $100,000, but it

Bank 1 offers to lend you $100,000 at a nominal rate of 5.50%, compounded daily. Bank 2 offers to lend you the $100,000, but it will charge 6.20%, compounded monthly. What's the difference in the effective annual rates charged by the two banks?

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