For the following question, assume the following facts:

(1) Chase (which is located in the United States) has a 20% reserve requirement imposed by the government.

(2) Bank of Germny has no reserve requirements.

(3) Both banks may invest at an 8% interest rate.

(4) Both banks have fixed costs of $3 per deposit made.

What is the difference between the minimum interest rates each bank can offer and still make a profit if the deposit is $500 for 1 year?