Bob's cousin Willie has asked for a loan. If Bob will lend him $1,200, Willie will pay $1,600 dollars in 4 years. What interest rate is Bob receiving for the loan?

Select one:

a. Less than 7%

b. Between 7% and 8%

c. Between 8% and 9%

d. Between 9% and 10%

e. Greater than 10%