Given the following adjustable$-$rate mortgage informationc $1-$Year Teaser Rate: $5\mathrm{.}50$ K Marginc $3\mathrm{.}00\%$ Annual Capc $1\mathrm{.}5\%($applies to teaser$)$ Lifetime Capr $4\mathrm{.}00\%($applies to teaser$)$ Indec Yr $1$:$4\mathrm{.}25\%.$ Ir $24\mathrm{.}75\%$ ir $3$:$5\mathrm{.}50K,$ Yr $4$:$6\mathrm{.}05$ What will the interest rate be in year two?

$5\mathrm{.}50\%$

$95005$

$7\mathrm{.}75\%$

$7\mathrm{.}008$