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Q.

A trust donates ₹ 5,00,000 to a school, the interest on which is to be used for awarding 3 scholarships to students possessing the first three positions in the school exam every year. If the donation gives an interest of 12% per year and the values of the second and third scholarships are ₹ 20,000 and ₹ 15,000 respectively, what is the value of the first scholarship?

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a

₹ 2000

b

₹ 5000

c

₹ 10000

d

₹ 25000

answer is D.

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Detailed Solution

Given, the amount is ₹ 5,00,000.
Values of the second and third scholarships are ₹ 20,000 and ₹ 15,000 respectively.
Interest is 12%.
So, the scholarship is 12% of ₹ 5,00,000.
Hence, scholarship amount =

\frac{12}{100} \times 500000

.
= ₹ 60000
So, the value of the first scholarship is 60000 - 20000 - 15000.
= ₹ 25000
So, the value of the first scholarship is ₹ 25000.
Hence, option 4 is correct.

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A trust donates ₹ 5,00,000 to a school, the interest on which is to be used for awarding 3 scholarships to students possessing the first three positions in the school exam every year. If the donation gives an interest of 12% per year and the values of the second and third scholarships are ₹ 20,000 and ₹ 15,000 respectively, what is the value of the first scholarship?