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Simple Interest Practice Test 1

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Question : 8

Total: 40

A person invests Rs 12,000 as a 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 Rs 3,320 less than what he would have got at the end of 5 years, the rate of interest allowed by the bank is:

7
5
9
%
7
4
9
%
7
8
9
%
8
7
9
%

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