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Wells fargo offers to lend you 50000 at a nominal rate of

Wells Fargo offers to lend you $50,000 at a nominal rate of 6.0%, simple interest, with interest paid quarterly. An offer to lend you the $50,000 also comes from Citibank, but it will charge 6.0%, 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?

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