| 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 3 yr, 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 yr, the rate of interest allowed by the bank is |
A) \[7\frac{5}{9}%\]
B) \[7\frac{4}{9}%\]
C) \[7\frac{8}{9}%\]
D) \[8\frac{7}{9}%\]
Correct Answer: B
Solution :
| SI after 5 yr \[=\frac{\text{Principal}\times \text{Time}\times \text{Rate}}{100}\] |
| \[=\frac{12000\times 5\times 10}{100}=\text{Rs}\text{. 6000}\] |
| Interest earned\[=Rs.(6000-3320)=Rs.\text{ }2680\] |
| \[\therefore \]\[\text{Rate}=\frac{\text{SI}\times \text{100}}{\text{Principal}\times \text{Time}}\] |
| \[=\frac{2680\times 100}{12000\times 3}=\frac{67}{9}=7\frac{4}{9}%\] |
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