If Alvin invests $5,500 today in a savings account, the money will grow to $8,500 at the end of Year 4. Assuming that the interest is paid once per year, the effective annual rate of the investment is _____.
A. 10.8%
B. 11.5%
C. 12.2%
D. 12.9%
E. 13.6%
Answer: B
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