Question

MR Jane donates Rs.2000 to a school and the interest on it is to be used for awarding 5 scholarships of equal value. If the value of each scholarships is Rs.40,find the rate of interest

Answer 1

40×5=200
The interest is 2000-200=1800
1800÷5=360

Answer 2

Answer:

=10%

Step-by-step explanation:

amount donated= principal (P)

P= 2000

each scholarship value=Rs 40

5 scholarship value= 40 x 5

                                = Rs 200

5 scholarship value= interest

I = 200

Let rate of interest be= R

Time= 1 yr

:: R= $\frac{I X 100}{P X T}$  (insert the values)

= $\frac{200 X 100}{2000 X 1}$

= 20/ 2

= 10 %= Rate of interest

THIS IS THE CORRECT ANSWER

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