Joe invested a certain sum of money in a simple interest bond whose value grew to $400 at the end of 3 years and to $500 at the end of another 5 years. What was the rate of interest in which he invested his sum?  Choose the correct choice from the following choices:
A) 4.76 %
B) 5.88 %
C) 6.33 %
D) 7.75 %
E) 8.33 %

Rationale: in 5 years , the value grew $ 100 , so the simple interest was $ 20 per year . in 3 years , the total interest was 3 * $ 20 = $ 60 the principal is $ 400 - $ 60 = 340 . the interest rate is $ 20 / $ 340 = 1 / 17 which is about 5.88 % the answer is b .
Answer: B