Question

Mr jane donates 1 lakh to a school and the interest on it is to be used for awarding five scholarships of equal value. If the value of each scholarship is 1500 /- ,find the rate of interest.

Answer 1

let principal =p=Rs100000
value of each scholarship =Rs1500
interest (I) = value of 5 scholarship s
=5*1500
=Rs7500
time T=1 yr

R= 100*I/PT
=(100*7500)/(100000*1)
=75/10
=7.5%

Answer 2

value of each scholarship=rs1500
then,value of 5 scholarship=rs1500*5
time=1year
R=si*100/r*t
=7500X100/100000x1
=15/2
=7,5