Partners Bank offers to lend you $71,000 at a nominal rate of 8.7%, simple interest, with interest paid quarterly. An offer to lend you the $71,000 also comes from Community Bank, but it will charge 5.3%, simple interest, with interest paid at the end of the year. What's thedifferencein the effective annual rates charged by the two banks?Enter your answer to the nearest .01%.Enter your answer as a positive number.Do not use the % sign in your answer.Thus if your answer is 4.2%, enter as 4.2 rather than 4.2% or .042.,