The difference between compound interest and simple interest on an amount of $15,000 for 2 years is $96. What is the rate of interest per annum?  Choose the correct choice from the following answers.
A) 6%	B) 7%	C) 9%	D) 8%	E) 5%
[15000 x (1 + R/100)^2 - 15000] - [(15000 x R x 2)/100] = 96   ==&gt; 15000[(1 + R/100)^2 - 1 - 2R/100] = 96   ==&gt; 15000[((100 + R)^2 - 10000 - (200 x R))/10000] = 96   ==&gt; R^2 = (96 x 2)/3 = 64   ==&gt; R = 8. Rate = 8%   Answer 8%)8%
<result>D</result>
The difference between compound interest and simple interest on an amount of $15,000 for 2 years is $96. What is the rate of interest per annum?