Quantitative Aptitude Interest Installments

An annual instalment of ₹3,500 will discharge a debt of ₹16,310 due in 4 years at y% simple interest per annum. What is the value of y? [Note: Instalments will be paid at the end of Year 1, Year 2, Year 3 and Year 4. 

1
11.5
2
10.5
3
16.5
4
11

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