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# Three business partners owned 100% of a certain company.

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Intern
Joined: 08 Mar 2009
Posts: 21
Three business partners owned 100% of a certain company.  [#permalink]

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02 Nov 2009, 03:02
1
4
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Difficulty:

55% (hard)

Question Stats:

63% (02:04) correct 37% (01:55) wrong based on 367 sessions

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Three business partners owned 100% of a certain company. When they sold the company, one partner received exactly 5/8 of the proceeds of the sale and the other partners shared the remainder of the proceeds. How much money did the partner who received the smallest amount of the proceeds receive from the sale?

(1) The partner who received the smallest amount from the sale received exactly 1/5 the amount received by the partner who received the second largest amount.
(2) The partner who received the second largest amount from the sale received half of the two million dollars received by the partner who received the largest amount.
Senior Manager
Joined: 18 Aug 2009
Posts: 273

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02 Nov 2009, 04:20
1
1
B.

A. Total not known, not sufficient
B.
5/8x=2mm highest share partner (mm=million)
x=16/5mm total
remaining share=3/8x=6/5mm
second largest share, given, 1mm
smallest share=6/5mm-1mm=1/5mm
Sufficient
Manager
Joined: 28 Aug 2010
Posts: 172
Three business partners owned 100% of a certain company  [#permalink]

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10 Jan 2011, 18:12
Three business partners owned 100% of a certain company. When they sold the company, one partner received exactly 5/8 of the proceeds of the sale and the other partners shared the remainder of the proceeds. How much money did the partner who received the smallest amount of the proceeds receive from the sale?

(1) The partner who received the smallest amount from the sale received exactly 1/5 the amount received by the partner who received the second largest amount.

(2) The partner who received the second largest amount from the sale received half of the two million dollars received by the partner who received the largest amount.

Can someone explain an efficient way to deal with such questions.
Math Expert
Joined: 02 Sep 2009
Posts: 52906
Re: Three business partners owned 100% of a certain company  [#permalink]

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11 Jan 2011, 00:34
ajit257 wrote:
Three business partners owned 100% of a certain company. When they sold the company, one partner received exactly 5/8 of the proceeds of the sale and the other partners shared the remainder of the proceeds. How much money did the partner who received the smallest amount of the proceeds receive from the sale?

(1) The partner who received the smallest amount from the sale received exactly 1/5 the amount received by the partner who received the second largest amount.

(2) The partner who received the second largest amount from the sale received half of the two million dollars received by the partner who received the largest amount.

Can someone explain an efficient way to deal with such questions.

X received 5/8 th of the total and Y and Z (smallest) received the remaining.

(1) The partner who received the smallest amount from the sale received exactly 1/5 the amount received by the partner who received the second largest amount --> we still have just ratios and not the amounts. Not sufficient.

(2) The partner who received the second largest amount from the sale received half of the two million dollars received by the partner who received the largest amount --> X = $2 million = 5/8 * total --> total =$16/5 million --> Y = $2 million / 2 =$1 million --> Z = total - X - Y = $16/5 million -$2 million - $1 million =$0.2 million. Sufficient.

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Joined: 08 Jun 2010
Posts: 9
Re: Three business partners owned 100% of a certain company  [#permalink]

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12 Jan 2011, 16:25
This is what I did:

You have been asked "how much money?" a value Question
1. To obtain a \$ (or cents or any units) value you need to see that value in options [quickly browse - option B so answer has to be B, C or E]
2. Now read B more closely.
2.a 2nd largest = (1/2) of the Largest (2 million) [we know relation between 1st and 2nd]
2.b largest = 2million [we know relation between largest and total -given in question]
3.one of the three partner got 5/8th of share [certainly he is got the largest as remaining is 3/8 < 5/8 ]
4. So now: we know total, we know largest, we know 2nd largest , so only unknown[3rd largest=smallest] can be found - Sufficient.

hope this helps
Intern
Joined: 11 Jan 2011
Posts: 4
Re: Three business partners owned 100% of a certain company  [#permalink]

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14 Jan 2011, 22:14
great explanation for me . Thanks.
Senior Manager
Affiliations: SPG
Joined: 15 Nov 2006
Posts: 299

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16 Jan 2011, 07:37
1

the two partners got $$\frac{3}{8}$$.

1) amount nor mentioned. INSUFFICIENT

2) partner#2 got $$\frac{1}{2}$$ of partner#1. So $$\frac{5}{16}$$ of the total.

$$\frac{5}{16}$$ of total = 1 million

$$total = \frac{16*1million}{5}$$

partner#3 got $$\frac{1}{16}$$ . SUFFICIENT.

HTH
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Joined: 17 Jul 2014
Posts: 2587
Location: United States (IL)
Concentration: Finance, Economics
GMAT 1: 650 Q49 V30
GPA: 3.92
WE: General Management (Transportation)
Re: Three business partners owned 100% of a certain company.  [#permalink]

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04 Oct 2016, 05:53
Three business partners owned 100% of a certain company. When they sold the company, one partner received exactly 5/8 of the proceeds of the sale and the other partners shared the remainder of the proceeds. How much money did the partner who received the smallest amount of the proceeds receive from the sale?

(1) The partner who received the smallest amount from the sale received exactly 1/5 the amount received by the partner who received the second largest amount.
(2) The partner who received the second largest amount from the sale received half of the two million dollars received by the partner who received the largest amount.

I almost got in the process to solve the problem..but later realized that it is a DS question...

1st one received 5x/8
other two - 3x/8.

1 - nothing about any dollar amount - insufficient.
2 - ok, so first one received 2 mln (that is 5x/8), second one received 1 mln.
knowing 5x/8 - we can find x. (3,200,000).
first one received 2 mln, second one 1 mln, last one 200k.

sufficient.
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Posts: 9838
Re: Three business partners owned 100% of a certain company.  [#permalink]

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14 Oct 2018, 02:46
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Re: Three business partners owned 100% of a certain company.   [#permalink] 14 Oct 2018, 02:46
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# Three business partners owned 100% of a certain company.

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