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Three business partners shared all the proceeds from the sale of their

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Bunuel
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Three business partners shared all the proceeds from the sale of their [#permalink] New post  07 Oct 2014, 08:06
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Three business partners shared all the proceeds from the sale of their privately held company. If the partner with the largest share received exactly 5/8 of the total proceeds, how much money did the partner with the smallest share receive from the sale?

(1) The partner with the smallest share received from the sale exactly 1/5 the amount received by the partner with the second largest share.
(2) The partner with the second largest share received from the sale exactly half of the two million dollars received by the partner with the largest share.
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WoundedTiger
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Re: Three business partners shared all the proceeds from the sale of their [#permalink] New post  07 Oct 2014, 08:35
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Bunuel wrote:

Tough and Tricky questions: Ratios



Three business partners shared all the proceeds from the sale of their privately held company. If the partner with the largest share received exactly 5/8 of the total proceeds, how much money did the partner with the smallest share receive from the sale?

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


Sol: We need to find money received by the partner with smallest share

Clearly we need to have information about total money from sale proceeds.

St 1: Let second partner received x so third partner would have recd \(\frac{1*x}{5}\) and x+1*x/5= 3/8... We don't know the money so St 1 is not sufficient. A and D ruled out

St 2 : Partner 2 received half of the 2 M US$ received by partner 1 so we have Partner 1: 2 M US$, Partner 2: 1 M US$..
We also know that if total proceed from sales is T then \(\frac{5*T}{8}= 2 M US$\).... We can find total Proceed T and find share of partner 3...

Ans is B
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Re: Three business partners shared all the proceeds from the sale of their [#permalink] New post  07 Oct 2014, 08:54
Bunuel wrote:

Tough and Tricky questions: Ratios



Three business partners shared all the proceeds from the sale of their privately held company. If the partner with the largest share received exactly 5/8 of the total proceeds, how much money did the partner with the smallest share receive from the sale?

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


(1) - This will produce an equation with 2 variables. We'll need more data to solve this
(2) - The amount of share received by largest investor is given i.e. 2million, thus 3/8 of that amount will be the amount received by the second largest and the lowest investor.
Amount received by IInd investor is given = 1 million

Subtracting 1millioon from 3/8 of 2 million will give amount received by lowest investor.

Ans B
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pairakesh10
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Re: Three business partners shared all the proceeds from the sale of their [#permalink] New post  07 Oct 2014, 13:30
Tricky question. I was so deeply into the statement 1 & 2 that, I forgot the question part saying " partner with the largest share received exactly 5/8 of the total".

Takeaway for me is: read the question properly and every information given will be vital.
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Re: Three business partners shared all the proceeds from the sale of their [#permalink] New post  24 Mar 2016, 17:13
Bunuel wrote:

Tough and Tricky questions: Ratios



Three business partners shared all the proceeds from the sale of their privately held company. If the partner with the largest share received exactly 5/8 of the total proceeds, how much money did the partner with the smallest share receive from the sale?

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


suppose we have A, B, and C, where A>B>C.
A got 5x/8 where x is the total amount received for the sale of the company
B+C = 3x/8.

1. we are told that C=1/6*3x/8 = x/16. we can not get an answer unless we know the total amount received after sale. so A and D are out.
2. A received 2 mln, B received 1 mln. we know that 2 mln is 5x/8. we can find the X. from x we can subtract 2 mln received by A, and 1 mln received by B. what is left - is for C.

we do not need to solve, but: 2mln=5x/8 => 16 mln = 5x. x=3.2mln.
C got 200k.
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Three business partners shared all the proceeds from the sale of their [#permalink] New post  16 Jun 2018, 01:48
WoundedTiger wrote:
Bunuel wrote:

Tough and Tricky questions: Ratios



Three business partners shared all the proceeds from the sale of their privately held company. If the partner with the largest share received exactly 5/8 of the total proceeds, how much money did the partner with the smallest share receive from the sale?

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


Sol: We need to find money received by the partner with smallest share

Clearly we need to have information about total money from sale proceeds.

St 1: Let second partner received x so third partner would have recd \(\frac{1*x}{5}\) and x+1*x/5= 3/8... We don't know the money so St 1 is not sufficient. A and D ruled out

St 2 : Partner 2 received half of the 2 M US$ received by partner 1 so we have Partner 1: 2 M US$, Partner 2: 1 M US$..
We also know that if total proceed from sales is T then \(\frac{5*T}{8}= 2 M US$\).... We can find total Proceed T and find share of partner 3...

Ans is B



Thanks for the great answer. I just want to know why exactly you put '1 + x'in statement1?
Since the third partner has 1/5 of 'x'which is the second partner, why don't we just say,
3/8T = x + x/5?

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Re: Three business partners shared all the proceeds from the sale of their [#permalink] New post  12 Feb 2020, 07:13
The question is asking "how much money did the partner with the smallest share receive from the sale?"

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

This gives only fraction information, no mention about absolute values.

(2) The partner with the second largest share received from the sale exactly half of the two million dollars received by the partner with the largest share.

Largest is 5/8, that means second highest gets - half of 5/8- i.e 5/16; hence smallest gets 1/16
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Re: Three business partners shared all the proceeds from the sale of their [#permalink] New post  14 Jan 2023, 04:35
Let A be guy with largest shares, B with second largest and C with smallest


Statement 1: We do not know how much money B has other than C having 1/5th of his share. So A and D ruled out
Statement 2: B received half of A's 2 mil. So B got 1 mil, now we can find how much C has.

Therefore option(B)
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Re: Three business partners shared all the proceeds from the sale of their [#permalink]
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