Determine the simple interest rate at which 1500 will grow

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Determine the simple interest rate at which $1,500 will grow to $1,550 in the 8 months. Round your answers to the nearest tenth of percent.

A) The interest rate is 5%/year.

B) The interest rate is 4.33%/year.

C) The interest rate is 4.76%/year.

D) The interest rate is 66.67%/year.

E) The interest rate is 3.06%/year.

Reference no: EM13392060

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