A person invests Rs. 12000 as fixed deposit at a bank at the rate of 10% per ann

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A person invests Rs. 12000 as fixed deposit at a bank at the rate of 10% per annum simple interest. But due to some pressing needs he has to withdraw the entire money after three years, for which the bank allowed him a lower rate of interest. If he gets Rs. 3320 less than what he would have got at the end of 5 years, the rate of interest allowed by the bank is = ?

Options:

A . $${\text{7}}\frac{5}{9}$$ %

B . $${\text{7}}\frac{4}{9}$$ %

C . $${\text{7}}\frac{8}{9}$$ %

D . $${\text{8}}\frac{7}{9}$$ %

Answer: Option B

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