Determine the acceleration of gravity, in terms of $g,$ at a point in space that is located a distance equal to two Earth radii $\left(2 r_{E}\right)$ above the surface of Earth, shown in the figure above.
(A) $\frac{1}{9} g$
(B) $\frac{1}{4} g$
(C) $\frac{1}{3} g$
(D) $\frac{1}{2} g$
(E) $g$