The compound interest on a certain sum for 16 months at 12% p.a. is ₹3494.40, interest being compounded 8-monthly. What will be the compound interest (in ₹) of the same sum at the same rate for 2 years, when the interest is compounded yearly?

A

24362.80

B

29432.60

C

26342.40

D

22634.20