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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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