Solve the Problem $\$ 3900$ , and Sixteen Months Later He Sold It For

Multiple Choice

Solve the problem.
-James purchased a bond for $\$ 3900$ , and sixteen months later he sold it for $\$ 4300$ . What annual rate would he have to earn in a savings account compounded monthly, to earn the same money on his investment?

A) $6.14 \%$
B) $8.14 \%$
C) $8.89 \%$
D) $9.64 \%$