A prize of $1200 is to be distributed among 40 winners, each of whom must be awarded at least $40. If 2/5 of the prize will be distributed to 3/5 of the winners, what is the greatest possible individual award?  Choose the correct choice from the following answers:  A) $ 100  B) $ 120  C) $ 280  D) $ 300  E) $ 360

Rationale: "total value of the prize = $ 1200 number of people = 40 2 / 5 of 1200 ( = $ 480 ) should be distributed among 3 / 5 of 40 ( = 24 people ) with each getting $ 40 each . remaining money = 1200 - 480 = $ 720 . now in order to ' maximize ' 1 prize , we need to minimise the others and we have been given that each should get $ 40 . thus , minimising the remaining 15 people ( = 40 - 24 - 1 . ' - 1 ' to exclude 1 that needs to be maximised ) = 15 * 40 = 600 . thus the maximum award can be = 720 - 600 = $ 120 , hence b is the correct answer ."
Answer: B