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?
Answer & explanation
Correct answer: option 1
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