You want to borrow money from a bank. Bank A's loan offers a nominal interest rate of 8% compounded daily. Bank B's loan offers you a nominal annual rate of 8.15%, compounded quarterly. You want to borrow money for a year and assume 365 days per year.

What is the effective annual interest rate of a better loan deal?

( You have to calculate effective rates of two loans offered by the two banks )

A) 8.13%

B) 8.25%

C) 8.33%

D) 8.40%