Farmers Bank offers to lend you $50,000 at a nominal rate of 5.0%, simple interest, with interest paid quarterly. Merchants Bank offers to lend you the $50,000, but it will charge 5.7%, simple interest, with interest paid at the end of the year. What's the differencein the effective annual rates charged by the two banks?

	a.	0.61%
	b.	0.54%
	c.	0.58%
	d.	0.59%
	e.	0.74%