Charter Bank pays a $5\mathrm{.}10\%$ nominal rate on deposits, with quartely compounding. What effective annual rate $($EFF$\%)$ does the bank pay?

a$.4\mathrm{.}86\%$

b$.4\mathrm{.}65\%$

c$.5\mathrm{.}2\%$

d$.5\mathrm{.}22\%$

e$.4\mathrm{.}59\%$