Omar is an Engineer who wants to take loan of 50000 AED from a local bank. The bank has provided two options of payback; Option 1: Single payment at the end of year 5 with simple interest per year. Option 2: Single payment at the end of year 5 with annually compounded interest. Select the closest correct answers for the below questions from the answers list provided below. Using option 1. Omar pays 68,750.00 AED. What is the simple interest rate? # Using option 2, Omar pays 66,911.28 AED. What is the compound interest rate? Interest rate for which option is higher? A Option 2 8. Option 1 CB% 0.0% E 45% F. 7.5% G 65%