You invest 1300 in a fund that pays compound interest for 9 years. The interest rates are:

i) 5% for the first 4 years;

ii) 4% for the next 3 years; and

iii) 6.5% for the last 2 years.

Determine the level annual effective interest rate that is equivalent to the rates that you earned.

(A) 2% (B) 3% (C) 4% (D) 5% (E) 6%