A memorial trust donates ₹ 5,00,000 to a school, the interest on which is to be used for awarding 3 scholarships to students obtaining first three positions in the school examination every year. If the donation earns an interest of 12% per annum and the values of the second and third scholarships are ₹ 20,000 and ₹ 15,000 respectively, find out the value of the first scholarship.
₹ 25,000
Annual interest = 5,00,000 × 12% = 60,000. Total scholarship = 60,000. First = 60,000 - (20,000 + 15,000) = 25,000.