The following table shows different plans offered by a lender, type of interest and rates of interest applicable during first, second and third year.

A person borrow ₹20480 under Plan C. After completion of loan tenure of three years under Plan C, he extends the tenure for further two years under Plan D on the amount payable at that time. He settles his loan by paying ₹27778. What is the rate of interest for the second year under Plan D if rate of interest for the third year under Plan C an D is same?

Options

A. `5 3/4%`
B. `5 1/4%`
C. `6 1/4%`
D. `4 3/4%`

Answer

C