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Ms. Kessler bought 100 bonds for $91.25 each. At the end of 2 years, the bonds matured and she collected the par value of $100 each. In addition, she collected interest for the 2 years at an annual rate of 2.75 percent of par value. What was Ms. Kessler's effective simple annual interest rate of return on her investment, to the nearest tenth of a percent?
A. 4.4%
B. 6.8%
C. 7.8%
D. 12.6%
E. 15.6%
Answer: C
Source: GMAT Prep
A. 4.4%
B. 6.8%
C. 7.8%
D. 12.6%
E. 15.6%
Answer: C
Source: GMAT Prep
