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 5.8%, 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. 0.68% b. 0.93% c. 0.83% d. 0.71% e. 0.80%