A charitable organization donates ₹ 10 lakh to a school and the total simple interest earned on it after 10 years is to be used for awarding 5 scholarships of equal value. If the value of each scholarship is ₹15000, find the rate of interest.
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Answer:
The rate of interest is 7.5 %
Step-by-step explanation:
Amount given = 1000000
No. of scholarship = 5
Amount of each scholarship = 15000
Total amount of scholarship = 15000 x 5 = 75000 = Amount of interest after 10 years
Amount of interest per year = 75000/10 = 7500
Rate of interest = 7500/1000000 x 100 = 7500/10000
= 75/100 = 7.5%
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