The 12% interest earned on a sum of money of ₹2,60,000 is to be used for awarding 24 scholarships of equal value every year in a school. What is the value (in 2) of each scholarship?

1,300

Sum = Rs. 2,60,000

Interest = 12%

Total awardies = 24

Let each awardy gets =  m

So, total amount = 24m

Interest = 260000 × \(\frac{12}{100}\) = 31200

So, 24m = 31200

m = 1300