A bank pays a simple interest rate of 8% per annum on 40-day GICs. What is the annualized rate of return?

A) 8.00%
B) 8.29%
C) 8.77%
D) 9.13%
E) 8.53%

The annualized rate of return can be calculated by scaling the interest rate to a full year. Given an 8% interest rate for 40 days, the annualized rate is (365/40) * 8% = 9.1%. However, due to the options provided and the closest match, the correct calculation should consider the exact method for annualizing a rate, which leads to an answer closest to 8.29%, hence option B is correct.