Question

Mr Jane donates rupees 100000 to a school and the interest on it is to be used for awarding 5 scholarships of of equal value.is the value of each scholarship is rupees 1500 find the rate of interest.​

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 × 1500 = Rs7500

Interest ( I ) = value of 5 scholarships

I = Rs 7500

Rate of intersest per annum = R %

Time ( T ) = 1 year

it is known to us that,

I = ( PTR ) / 100

R = ( I × 100 ) / ( P × T )

R = ( 7500 × 100 ) / ( 100000 × 1 )

R = 75 / 10

R = 7.5 %

rate of interest is 7.5