James has a car loan. He tells the planner that he was offered a car loan at different rates of interest from two banks: Bank A offered him 8% per annum, compounded daily Bank B offered him 8.1% per annum, compounded semi-annually. He decided to take the loan from Bank A as the rate was lower. The financial planner tells James that it is important to determine the effective rate of interest rather than just to look at the nominal rate. Calculate the effective rate of interest for Bank A and for Bank B.