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.