Your local bank offers to lend you $$50,000$ at a nominal rate of $5\mathrm{.}0\%,$ simple interest,

with interest paid quarterly. The bank across the street offers to lend you the

$$50,000,$ but it will charge $5\mathrm{.}7\%,$ simple interest, with interest paid at the end of the

year. What's the difference in the effective annual rates charged by the two banks?

$0\mathrm{.}61\%$

$0\mathrm{.}59\%$

$0\mathrm{.}54\%$

$0\mathrm{.}74\%$

$0\mathrm{.}58\%$