Five years ago, an alumnus of a university donated $50,000 to establish a permanent endowment for scholarships. The first scholarships were awarded 1 year after the contribution. If the amount awarded each year, that is, the interest on the endowment, is $4500, the rate of return earned on the fund is closest to:

(a) 7.5% per year

(b) 8.5% per year

(c) 9% per year

(d) 10% per year