Hello,
I'm not sure this is still an introductory physics problem :-)
Here's my take:
According to GR, the further into the gravitational well you get, the slower the clocks run. So if it were simply a matter of position in the well (gravitational potential), the Earth clock would -always- run more slowly (its deeper).
Now the hint states (and the answer shows) that the orbiting clock is faster only if r > \frac{3}{2}R, so there is an orbit where the clock is actually slower, counter to GR.
The formula you quote for the rate, that has to do with the potential, I suspect is only useful in finding the dilation due to the gravitational field. You still would need to apply the SR time dilations due to differing velocities, and I expect this will produce your 3/2 factor. If you re-read the problem, it simply asks for the the rate of the orbiting clock to the clock on earth, and doesn't specify which effects to ignore and which to include-- so you should probably address both of them.
So, again, I think ignoring the kinetic part is sinking you. I invite someone else to comment, as I'm not as up on this stuff as some others are.