Eight years agoyou spent $10,000 to purchase a GIC that paid 4% compounded annually.After 3 years you renewed the GIC plus accumulated interest for another 5 years at a new rate.Today you cashed it in and received $15,137.38.What nominal interest rate,compounded semi-annually, did you earn over thelast 8 years?

a)

7.56%

b)

5.25%

c)

3.75%

d)

8.47%

e)

10.64%