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We can use trigonometry to solve this problem. Let's represent the height of the balloon above the ground as h. Then, we have:
tan(41°) = h / 1503
Solving for h, we get:
h = tan(41°) x 1503
Using a calculator, we find:
h ≈ 1134.06
Therefore, the answer is option b. The balloon is approximately 1,134 meters above the ground.