Rahul invests Rs 12,000 as fixed deposit...

Rahul invests Rs 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 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 (8)/(9) %`

`8 (7)/(9) %`

`7 (5)/(9 )%`

`7(4)/(9)%`

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