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GMAT695
Joined: 12 Jul 2023
Last visit: 19 Dec 2025
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Location: India
Concentration: Entrepreneurship, Finance
Schools: Stern '27 Fuqua '27 Columbia '27
GMAT Focus 1: 535 Q77 V78 DI74 
GMAT Focus 2: 575 Q83 V74 DI78
GMAT Focus 3: 635 Q87 V81 DI76
GMAT 1: 420 Q31 V17
GPA: 7.37
WE:Business Development (Finance)
03 Jun 2024, 08:06
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First year profit: €16,000
Leah's share: €8,000
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
5%
(low)
Question Stats:
94% (01:21) correct
6%
(02:41)
wrong
based on 632
sessions
History
Date
Time
Result
Not Attempted Yet
When Joni, Katrina, and Leah started their business, JKL Enterprises, each contributed an amount of money, in euros. The amounts were in the ratio of3:5:8, respectively, and the first-year profit of JKL Enterprises was split in the same ratio. Katrina’s share of the first-year profit was €5,000.
Select for First-year profit and for Leah’s share amounts in euros that are consistent with the given information and could be the first-year profit of JKL Enterprises and Leah’s share of those profits, respectively. Make only two selections, one in each column.
GMAT-Club-Forum-hb5hzpo0.png [ 174.41 KiB | Viewed 1820 times ]
Select for First-year profit and for Leah’s share amounts in euros that are consistent with the given information and could be the first-year profit of JKL Enterprises and Leah’s share of those profits, respectively. Make only two selections, one in each column.
Attachment:
GMAT-Club-Forum-hb5hzpo0.png [ 174.41 KiB | Viewed 1820 times ]
| First year profit | Leah's share | |
| €7,000 | ||
| €8,000 | ||
| €9,000 | ||
| €14,000 | ||
| €16,000 | ||
| €18,000 |
ShowHide Answer
Official Answer
First year profit: €16,000
Leah's share: €8,000
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03 Jun 2024, 08:54
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SATYAM7777
A very easy question with a straight forward answer.
However, the question statement is a bit faulty. The word could means there are many solutions possible and we have to chose the one in the options. But the values asked are fixed and unique.
The profit share of Joni, Katrina, and Leah is in the ratio 3:5:8 or 3x:5x:8x, where Katrina's share is €5000. So, 5x=€5000 or x=€1000.
We can now say that the profits are €3*1000, €5*1000 and €8*1000.
First-year profit: €3000+€5000+€8000 or €16000.
Leah's share of profit: €8000
Attachment:
GMAT-Club-Forum-rlu02swu.png [ 174.41 KiB | Viewed 1802 times ]
30 Dec 2024, 16:32
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1. Let Joni, Katrina, and Leah have shares of profit equal to j, k, and l, respectively.
2. It is known that j:k:l = 3:5:8, so, j = 3x, k = 5x, and l = 8x.
3. Leah's share is equal to l = 8x and the total profit is j + k + l = 3x + 5x + 8x = 16x.
4. Let's find x. Katrina's share is known to be 5,000. So, k = 5x = 5000 or x = 1000.
5. The total profit is equal to 16x = 16000 and Leah's share is 8x = 8000.
6. Our answer will be: First year profit - 16,000 and Leah's share - 8,000.
2. It is known that j:k:l = 3:5:8, so, j = 3x, k = 5x, and l = 8x.
3. Leah's share is equal to l = 8x and the total profit is j + k + l = 3x + 5x + 8x = 16x.
4. Let's find x. Katrina's share is known to be 5,000. So, k = 5x = 5000 or x = 1000.
5. The total profit is equal to 16x = 16000 and Leah's share is 8x = 8000.
6. Our answer will be: First year profit - 16,000 and Leah's share - 8,000.
