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.

Solution:

A memorial trust donates ₹5,00,000 to a school.

The interest of donation is used for awarding 3 scholarships to students obtaining first three positions in the school examination every year.

The percentage of interest is 12 percent per annum.

The values of the second and third scholarships are ₹20,000 and ₹15,000 respectively.

We have to find out the value of the first scholarship.

We know, I = P × R × T/100

= 5,00,000 × 12 × 1/100

= 5000×12

= 60,000

The interest after one year is ₹60,000.

Let the value of the first scholarship be x

According to the question,

x + 20,000 + 15,000 = 60,000

x + 35,000 = 60,000

x = 60,000 - 35,000

x = 25,000

Therefore, the value of the first scholarship is ₹25,000.

✦ Try This: Entry fee in an exhibition was Rs 1. Later this was reduced by 25% which increased the sale by 20%. Find the percentage increase in the number of visitors.

☛ Also Check: NCERT Solutions for Class 7 Maths Chapter 8

NCERT Exemplar Class 7 Maths Chapter 7 Problem 125

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.

Summary:

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, the value of the first scholarship is ₹25,000.

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