A trust caring for handicapped children gets Rs. 30,000 every month from its donors. the trust spends half of the funds received for medical and educational care of the children and for that it charges 2% of the spent amount from them, and deposits the balance amount in a private bank to get the money multiplied so that in future the trust goes on functioning regularly. What percent of interest should the trust get from the bank to get a total of Rs. 1800 every month ?

Asked by Manisha Behera | 18th Mar, 2015, 03:45: PM

Expert Answer:

Out of 30,000 rupees received, the trust spends half for medical and education care.
Hence, the amount deposited in private bank is the remaining half = 15,000 rupees.
The trust charges 2% of the money spent for medical and educational care.
Hence, the earning of the trust from the above charges is 2% of 15,000 = 15,000 * 2/100 = 300 rupees.
Hence, to get a total of 1800 rupess per month, the trust should receive the remaining 1800-300 = 1500/ rupees from the bank.
Let the interest rate obtained from the bank be R%.
Hence R% of 15,000 = 1500
15,000 * R/100 = 1500
R= 10%.
Hence, the trust should get an interest of 10% per month from the bank.

Answered by Vimala Ramamurthy | 20th Mar, 2015, 11:07: AM