The 12% intereset earned on a sum of money of Rs. 2,60,000 is to be used for awarding 24 scholarships of equal value every year in a school. What is the value (in Rs.) of each scholarship?
Show answer & explanation
Correct answer: D
Explanation
The correct answer is option 4 i.e. 1,300.
Let the money received by each awardee be Rs. y
So, the total amount = 24y
Interest = 260000 × 12/100 = Rs. 31200
So, 24y = 31200
⇒ y = Rs. 1300
Hence each awardee gets Rs.1300