Farmers Bank offers to lend you $50,000 at a nominal rate of 5.5%, simple interest, with interest paid quarterly. Merchants Bank offers to lend you the $50,000, but it will charge 6.6%, simple interest, with interest paid at the end of the year. What's the difference in the effective annual rates charged by the two banks?

a. 1.10%

b. 0.96%

c. 0.99%

d. 1.27%

e. 1.15%