Mr Jane donates $R s 1 l a k h$ to a school and the interest on it is to be used for awarding five scholarships of equal value. If the value of each scholarship is $R s 1, 500$ , find the rate of interest.

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Solution

$Pr i n c i p a l (P) = M r . J a n e d o n a t e s$
$P = R s .100000$
$E a c h s c h o l a r s h i p v a l u e = R s . 1500$
$V a l u e o f 5 s c h o l a r s h i p = 5 \times 1500$
$R s = 7500$
$I n t e r e s t (i) = v a l u e o f 5 s c h o l a r s h i p s$
$I = R s . 7500$
$R a t e o f int e r e s t p e r a n n u m = R %$
$T i m e (T) = 1 y e a r$
$w e k n o w t h a t$
$I = (P T R) / 100$
$R = (1 \times 100) / (P \times T)$
$R = \frac{(7500 \times 100)}{(100000 \times 1)}$
$R = \frac{75}{10}$
$R = 7.5 %$
$R a t e o f int e r e s t R s . 7.5 %$

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Mr Jane donates Rs1 lakh to a school and the interest on it is to be used for awarding five scholarships of equal value. If the value of each scholarship is Rs 1,500, find the rate of interest.

Principal(P)=Mr.JanedonatesP=Rs.100000Eachscholarshipvalue=Rs.1500Valueof5scholarship=5×1500Rs=7500Interest(i)=valueof5scholarshipsI=Rs.7500Rateofinterestperannum=R%Time(T)=1yearweknowthatI=(PTR)/100R=(1×100)/(P×T)R=(7500×100)(100000×1)R=7510R=7.5%RateofinterestRs.7.5%

Mr Jane donates $R s 1 l a k h$ to a school and the interest on it is to be used for awarding five scholarships of equal value. If the value of each scholarship is $R s 1, 500$ , find the rate of interest.