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Question

Arun deposited Rs 18000 in PNB for 3 years and got a total amount of Rs 23400 whereas Varun deposited Rs 25000 in SBI and got a total interest of Rs 4000 after 2 years. What is the difference between the rate of interest offered by both the banks in the given time period if the amounts are calculated on simple interest basis?

A 2%

B 2.5%

C 1.5%

D 2.75%

E None of these

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