The difference between C.I. and S.I. on an amount of $15,000 for 2 years is $54. What is the rate of interest per annum?
Choose the correct choice from the following
A) 5% B) 6% C) 7% D) 8% E) 9%
$54 is the interest on the first year of interest.   Let x be the interest rate.   The interest after the first year is 15000*x.   The interest on the first year's interest is 15000*x*x   15000*x^2 = 54   x = 0.06   The answer is 6%.
<result>B</result>
The difference between C.I. and S.I. on an amount of $15,000 for 2 years is $54. What is the rate of interest per annum?