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The answer is 5% / year choice A.

We use the Simple Interest formula : I = Prt

I = 1550 - 1500 = $50

$50 = $1500 * r * (8/12)

Solving for r.

50/1500 = r * (2/3)

1/30 = r * (2/3)

1/20 = r = 0.05

r = 5%

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