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=?

• A. ${\text{7}}\frac{5}{9}$$ %
• B. ${\text{7}}\frac{4}{9}$$ %
• C. ${\text{7}}\frac{8}{9}$$ %
• D. ${\text{8}}\frac{7}{9}$$ %