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Question
A memorial trust donates ₹ 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 ₹ 20,000 and ₹ 15,000 respectively, find out the value of the first scholarship.
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Solution
Donation amount = ₹ 500000
Rate of interest for each year = 12% per annum
Time period = 1 yr
Interest received after 1 yr = `(500000 xx 12 xx 1)/100`
= 5000 × 12
= ₹ 60000
Scholarship amount for second position = ₹ 20000
Scholarship amount for third position = ₹ 15000
∴ Remaining amount for first position student
= 60000 – (20000 + 15000)
= 60000 – 35000
= ₹ 25000
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