An educational fund of ₹6,00,000 earns simple interest at 9% per annum. This annual interest is used to grant three scholarships. If the first and third scholarships are ₹18,000 and ₹22,000 respectively, what is the value of the second scholarship?
₹14,000
Step 1 – Compute the annual simple interest:
\(\text{SI} = \dfrac{P \times R \times T}{100} = \dfrac{6{,}00{,}000 \times 9 \times 1}{100} = 54{,}000\)
So ₹54,000 is available each year for the three scholarships.
Step 2 – Find the second scholarship:
\(\text{First} + \text{Second} + \text{Third} = 54{,}000\)
\(18{,}000 + \text{Second} + 22{,}000 = 54{,}000\)
\(\text{Second} = 54{,}000 - 40{,}000 = 14{,}000\)
Hence the second scholarship is ₹14,000.
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