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22 Jan 2024, 09:40
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Bill and Warren entered into a partnership. Bill is a working partner and receives 10% of the total profit for his services. The remaining balance of the profit is then split between the two partners in the ratio of their investments. Last year the company made a total profit of $80,000, and Bill received $26,000. If Bill had invested $75,000 how much did Warren invest in the business?
A. $75,000
B. $100,000
C. $150,000
D. $225,000
E. $300,000
A. $75,000
B. $100,000
C. $150,000
D. $225,000
E. $300,000
22 Jan 2024, 09:40
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Official Solution:
Bill and Warren entered into a partnership. Bill is a working partner and receives 10% of the total profit for his services. The remaining balance of the profit is then split between the two partners in the ratio of their investments. Last year the company made a total profit of $80,000, and Bill received $26,000. If Bill had invested $75,000 how much did Warren invest in the business?
A. $75,000
B. $100,000
C. $150,000
D. $225,000
E. $300,000
From the $26,000 Bill received, $8,000 (10% of $80,000) is designated for his services. Consequently, he received the remaining $26,000 - $8,000 = $18,000 as his share from the $80,000 - $8,000 = $72,000. Thus, his share is \(\frac{18,000}{72,000}=\frac{1}{4}\) of the total. If Bill had invested $75,000 for a quarter of the shares, then Warren, for the remaining three-quarters of the shares, invested three times as much, which equals \(3*$75,000 = $225,000\).
Answer: D
Bill and Warren entered into a partnership. Bill is a working partner and receives 10% of the total profit for his services. The remaining balance of the profit is then split between the two partners in the ratio of their investments. Last year the company made a total profit of $80,000, and Bill received $26,000. If Bill had invested $75,000 how much did Warren invest in the business?
A. $75,000
B. $100,000
C. $150,000
D. $225,000
E. $300,000
From the $26,000 Bill received, $8,000 (10% of $80,000) is designated for his services. Consequently, he received the remaining $26,000 - $8,000 = $18,000 as his share from the $80,000 - $8,000 = $72,000. Thus, his share is \(\frac{18,000}{72,000}=\frac{1}{4}\) of the total. If Bill had invested $75,000 for a quarter of the shares, then Warren, for the remaining three-quarters of the shares, invested three times as much, which equals \(3*$75,000 = $225,000\).
Answer: D
