You purchased a bond at a price of $6,200. In 15 years when the bond matures, the bond will be worth $25,000.

1.      You purchased a bond at a price of $6,200. In 15 years when the bond matures, the bond will be worth $25,000. It is exactly 11 years after you purchased the bond and you can sell the bond today for $17,875. If you hold the bond until it matures, what annual rate of return will you earn from today?

A) 8.7 percent

B) 9.7 percent

C) 7.9 percent

D) 10.1 percent

E) 9.7 percent