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 years, for which the bank allowed him at 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

**Watch Solution**
**Similar Que**