In a cricket team tournament 16 teams participated.

the total sum of prize money to be awarded among 16 teams, S16 = ₹8000 and

the prize money awarded to the last place team i.e. a16 = ₹275

As, the award increases by the same amount for successive finishing places.

So, the prize money are in A.P.

Let the prize money awarded to the first team be a.

Now,

$S_{16}=8000$

$\Rightarrow \frac{16}{2}\left[a+a_{16}\right]=8000$

$\Rightarrow 8[a+275]=8000$

$\Rightarrow a+275=\frac{8000}{8}$

$\Rightarrow a=1000-275$

$\therefore a=725$

So, the amount which the first place team will recieve is ₹725.