Riverside Bank offers to lend you $50,000 at a nominal rate of 6.5%, compounded monthly. The loan (principal plus interest) must be repaid at the end of the year. Midwest Bank also offers to lend you the $50,000, but it will charge an annual rate of 6.0%, with no interest due until the end of the year. How much higher or lower is the effective annual rate charged by Midwest versus the rate charged by Riverside? \begin{tabular}{l} 0.86% \\ 0.65% \\ 0.70% \\ 0.78% \\ 0.53% \\ \hline \end{tabular} You deposit $700 today in a savings account that pays 6% interest, compounded annually. How much will your account be worth at the end of 25 years? $3,424.91 $2,703.88 $3,274.70 $3,004.31$2,613.75