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

A person invests 12,000 as fixed deposit at a bank at the rate of 10

1.	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
A.	<table><tr><td rowspan="2">7</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>5</center></td><td rowspan="2">%</td></tr><tr><td style="text-align: center;">9</td></tr></table>
B.	<table><tr><td rowspan="2">4</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>4</center></td><td rowspan="2">%</td></tr><tr><td style="text-align: center;">9</td></tr></table>
C.	<table><tr><td rowspan="2">7</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>8</center></td><td rowspan="2">%</td></tr><tr><td style="text-align: center;">9</td></tr></table>
D.	<table><tr><td rowspan="2">8</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>7</center></td><td rowspan="2">%</td></tr><tr><td style="text-align: center;">9</td></tr></table>
Answer» C. <table><tr><td rowspan="2">7</td><td style="border-bottom:1px solid #000000;vertical-align:bottom;padding-bottom:2px;"><center>8</center></td><td rowspan="2">%</td></tr><tr><td style="text-align: center;">9</td></tr></table>

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