Q125 of 140 Page 196

A memorial trust donates Rs 5,00,000 to a school, the interest on which is to be used for awarding 3 scholarships to students obtaining first three positions in the school examination every year. If the donation earns an interest of 12 per cent per annum and the values of the second and third scholarships are Rs 20,000 and Rs 15,000 respectively, find out the value of the first scholarship.

Given, Donation amount = 500000


And Rate of interest for each year = 12% per annum


Time period = 1 year


⇒ Interest received after 1 year = = 5000 × 12


⇒ Scholarship amount for second position = 20000


⇒ Scholarship amount for third position = 15000


⇒ Remaining amount for first position student = 60000 –(20000 + 15000)


= 25000


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