If $E$ and $F$ are events such that $P(E) = \frac{1}{4}$,$P(F) = \frac{1}{2}$ and $P(E \cap F) = \frac{1}{8}$,find $P(E \cup F)$.
- A$\frac{3}{8}$
- B$\frac{5}{8}$
- C$\frac{1}{8}$
- D$\frac{7}{8}$
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