✅ DETAILED SOLUTION
Step 1 Let first (highest) prize = a. AP: a, a–20, a–40, … (d = –20, n = 7)
Step 2 S₇ = 700 ⟹ 7/2 [2a + 6(–20)] = 700
7/2 [2a – 120] = 700 ⟹ 2a – 120 = 200 ⟹ a = 160
Step 3 Prizes: 160, 140, 120, 100, 80, 60, 40
Verification: 160+140+120+100+80+60+40 = 700 ✓
∴ Prizes: ₹160, ₹140, ₹120, ₹100, ₹80, ₹60, ₹40