AMC 8 2008 Problem 12

A ball is dropped from a height of $3$ meters. On its first bounce it rises to a height of $2$ meters. It keeps falling and bouncing to $\frac{2}{3}$ of the height it reached in the previous bounce. On which bounce will it not rise to a height of $0.5$ meters? $\textbf{(A)}\ 3 \textbf{(B)}\ 4 \textbf{(C)}\ 5 \textbf{(D)}\ 6 \textbf{(E)}\ 7$