Q111
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.
%
B.
%
AnswerC.
%
D.
%
Answer: Option B
Solution
Answer: Option B
Solution:
Principal = Rs. 12000Rate % = 10%
Interest paid by the person in 5 years
Interest received by the person after 3 years