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ICSE Class 7 Answered

Kanwar donates ₹5000 to a school, the interest on which is to be used for awarding 5 scholarships of equal amount every year. If the donator earns an Interest of 10% per annum, find the value of each scholarship
Asked by jabezlibni37.7spicertl | 28 Oct, 2020, 07:17: PM
answered-by-expert Expert Answer
Money donated = P = Rs. 5000
Time = 1 year
Rate of interest = 10%
We know that,

straight I space equals space fraction numerator straight P cross times straight T cross times straight R over denominator 100 end fraction equals fraction numerator 5000 cross times 1 cross times 10 over denominator 100 end fraction equals 500 Therefore comma space total space interest space for space one space year space equals space Rs. space 500 So comma space value space of space each space scholarship space equals space Rs. space 500 over 5 equals Rs. space 100
Answered by Renu Varma | 29 Oct, 2020, 11:03: AM

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