Statistics & Applications

Financial Math

Medium

applied

Ms. Sheela creates a fund of ₹ $1,00,000$ for providing scholarships to needy children. The scholarship is provided in the beginning of the year. This fund earns an interest of $r \%$ per annum. If the scholarship amount is taken as ₹ $8,000$ , then $r=$

$8 \frac{1}{2} \%$

$8 \frac{16}{23} \%$

$8 \frac{17}{25} \%$

$8 \frac{2}{5} \%$

✅ Correct Option: 2

Given:

Initial fund: $₹1,00,000$ $₹1, 00, 000$
- Scholarship amount: $₹8,000$ (given at beginning of year)
- Interest rate: $r\%$ per annum

Since the scholarship is given at the beginning of the year, the remaining amount is:

$₹1,00,000 - ₹8,000 = ₹92,000$

This amount must grow to $₹1,00,000$ by year-end:

$₹92,000 \times (1 + \frac{r}{100}) = ₹1,00,000$

Solving for $r$ :

$1 + \frac{r}{100} = \frac{1,00,000}{92,000}$

$\frac{r}{100} = \frac{1,00,000}{92,000} - 1$

$\frac{r}{100} = \frac{1,00,000 - 92,000}{92,000}$

$\frac{r}{100} = \frac{8,000}{92,000}$

$r = 100 \times \frac{8,000}{92,000}$

$r = 100 \times \frac{8}{92}$

$r = 100 \times \frac{2}{23}$

$r = \frac{200}{23} = 8\frac{16}{23}\%$

Therefore, $r = 8\frac{16}{23}\%$

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Ms. Sheela creates a fund of ₹ 1,00,0001,00,0001,00,000 for providing scholarships to needy children. The scholarship is provided in the beginning of the year. This fund earns an interest of r%r \%r% per annum. If the scholarship amount is taken as ₹ 8,0008,0008,000, then r=r=r=

Solution

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CUET Mathematics Past Year Questions (Topic-Wise)

Ms. Sheela creates a fund of ₹ $1,00,000$ for providing scholarships to needy children. The scholarship is provided in the beginning of the year. This fund earns an interest of $r \%$ per annum. If the scholarship amount is taken as ₹ $8,000$ , then $r=$