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A person invests ₹ 12,000 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 3 years, for which the bank allowed him a lower rate of interest. If he gets ₹ 3,320 less than what he would have got at the end of 5 years, the rate of interest allowed by the bank is
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7 5 % 9 -
4 4 % 9 -
7 8 % 9 -
8 7 % 9
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Correct Option: B
As we know that ,
| SI = | ||
| 100 |
| S.I. after five years = | |
| 100 |
| S.I. after five years = | = ₹ 6000 | |
| 100 |
Interest earned = ₹ (6000 – 3320) = ₹ 2680
| ∴ Rate = | |
| Principal × Time |
| Rate = | = | ||
| 12000 × 3 | 9 |
| Rate = 7 | % | |
| 9 |
