Question

Mr. Jane donates Rs 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 Rs 1,500, find the rate of interest.solution of this question​

Answer 1

Step-by-step explanation:

Principal (P) = Mr.Jane donated amount

P= Rs 100000

Each scholarship value = Rs 1500

Value of 5 scholarships = 5 x 1500 = Rs7500

Interest (1)= value of 5 scholarships

1 = Rs 7500

Rate of intersest per annum =R %

Time (T) = 1 year

We know that,

I= (PTR) / 100

R = (1 x 100)/(P x T)

R = ( 7500 × 100)/(100000 × 1)

R = 75/10

R = 7.5 %

Rate of interest = R = 7.5 %

I hope this helps you.

Answer 2

Step-by-step explanation:

Principal (P) = Mr.Jane donated amount

P= Rs 100000

Each scholarship value = Rs 1500

Value of 5 scholarships = 5 x 1500 = Rs7500

Interest (1)= value of 5 scholarships

1 = Rs 7500

Rate of intersest per annum =R %

Time (T) = 1 year

We know that,

I= (PTR) / 100

R = (1 x 100)/(P x T)

R = ( 7500 × 100)/(100000 × 1)

R = 75/10

R = 7.5 %

Rate of interest = R = 7.5 %

I hope this helps you.

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