mr. jane donates Rs 1Lakh to a school and the interest on it isntobe used for awarding five scholarships of equal value if the value of each scholarship isb1500 find the rate of interesy
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number of scholarships = 5
total amount of scholarships = 5*1,500 = Rs 7,500.
Interest = Rs 7,500
Rate of interest = r%
P r t = Rs 1,00,000 * r /100 * 1 = Rs 7,500
r = 7.5 %
total amount of scholarships = 5*1,500 = Rs 7,500.
Interest = Rs 7,500
Rate of interest = r%
P r t = Rs 1,00,000 * r /100 * 1 = Rs 7,500
r = 7.5 %
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