Quantitative Aptitude Interest Simple Interest

Suresh invested ₹ 500 in SBI for 2 years. He also invested ₹ 300 in ICICI for 4 years. At the end he received ₹ 220 from both banks as simple interest. What must have been the rate of interest?

1
10%
2
12%
3
11%
4
5.5%

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