1960 AHSME Problem 3

Applied to a bill for \${10,000} the difference between a discount of 40% and two successive discounts of 36% and 4%, expressed in dollars, is:

\textbf{(A) }0\qquad \textbf{(B) }144\qquad \textbf{(C) }256\qquad \textbf{(D) }400\qquad \textbf{(E) }416

Full credit goes to MAA for authoring these problems. These problems were taken on the AOPS website.