Carl is facing very difficult financial times and can only pay the interest on a $10,000 loan he has taken. The bank charges him a quarterly compound rate of 8%. What is the approximate interest he pays annually? Choose the correct choice.
A) 1500	B) 1750	C) 2000	D) 3500	E) 2500

Rationale: "an easy way too attempt this is by approximation : for the first quarter , he pays 8 % of 10,000 which is $ 800 . so for the four quarters in the year , he will approximately play 800 * 4 = 3200 over the entire year . because of compound interest it will be more than 3200 . approx . option d is correct . answer : d"
Answer: D