Anil took some Joan on simple interest at a certain rate and paid ₹12,800 as interest after 2 years. His friend Sumit also borrowed the same sum on compound interest for the same period and same rate of interest compounded annually and paid ₹704 more interest than that paid by Anil. What is the rate of interest per annum?

A

10%

B

11%

C

10.5%

D

12%