Your cousin is due a tax refund of $720 in 5 weeks. His tax preparer has an arrangement with a bank to get him the $720 now. The bank charges an administrative fee of $33 plus interest at 6.77%. What is the actual annual simple interest rate for this loan? Consider any fees as part of the total interest. (Hint: The time period of this loan is not 5/52, because a 365-day year is 52 weeks and 1 day. So use days in your computations.) The simple interest I on PV dollars at a rate of interest r per year for t years is given by which formula? O A. 1 = PV(1 + rt) B. 1 = rt(1 + PV) C. 1 = PV + rt OD. I = PVrt The actual interest rate will be %. (Type an integer or decimal rounded to two decimal places as needed.)