George invests 5000 in a bank for two years. The investment has a nominal annual interest rate of x% convertible quarterly during the first year and has a nominal annual discount rate of x% convertible quarterly during the second year. At the end of the second year, Georges account accumulates to 5503.19. Determine x.

(A) 2.4 (B) 3.2 (C) 4.8 (D) 6.4 (E) 7.2