Mr. Kamat donated Rs. 80000 to a welfare trust on the agreement with them that the interest on the sum will be used for awarding 5 scholarships of equal value of year to physically handicapped children. If donation earns an interest of 10% per annum, find the value of each scholarship.

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1600

3100

1305

1925

answer is A.

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Detailed Solution

Concept: The total amount will be provided grants and interest rates. You can determine the total amount of scholarships based on interest rates. Second, if you have the number of grants, it's easier to calculate the amount of the only child's grant.
Given, Mr. Kamat donated Rs. 80000 donation earns an interest of 10% per annum
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Given, the number of scholarship is equal to 5
Then the value of each scholarship will be

Hence, the correct answer is option (1).

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