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An old lady Krishna Devi deposited Rs. 12000 in a bank at 8% simpleinterest p.a. She uses the annual interest to give five scholarships to thestudents of a school for their overall performances each year. The amountof each scholarship is 300 less than the preceding scholarship. Answerthe following(i) Find amount of each scholarship?

(ii) What values of the lady are reflected?

Asked by Dhruwin Shah(student) , on 8/2/14

EXPERT ANSWER
Here the principal is 12000Rs
Rate = 8% , time is 1 year
So SI = (12000*8*1)/100 = 960Rs

And this is the amount given as scholarship.
Let the highest scholar ship amount be xRs
So the preceeding scholarship will be x-300, x -600,x -900, x -1200
So x +( x -300 ) + ( x-600 ) +(x-900) + (x-1200) = 960
5x - 3000 = 960
5x = 3960
x = 3960/5  =792Rs
So the highest scholarship is 792Rs
Preceeding scholarships will be 792 - 300 =  492 , 792-600 = 192
So only three students can get the scholarship by given data, others are coming negative, please check your question.
 

Posted by Vipin Verma(MeritNation Expert)on 10/2/14

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