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Peter and Tony invested same money in the business and after 9 months Michael joined them with the same investment. If after 2 years, the total profit would be Rs. 6300. Find the share of Michael.
  • a)
    Rs. 700
  • b)
    Rs. 1500
  • c)
    Rs. 2100
  • d)
    Rs. 1200
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
Peter and Tony invested same money in the business and after 9 months ...
GIVEN:
Investment of Peter = Investment of Tony = Investment of Michael
Michael joined them after 9 months
CONCEPT:
Here the profit given is for 2 years and Michael joined them after 9 months of starting of business.
Therefore, Michael share in the profit is (12 – 9) i.e. 15 unit.
FORMULA USED:
Share of Michael in profit = (Ratio of Michael/Total sum of Ratio) × Profit earned
CALCULATION:
Here the time period is 2 years, i.e. 24 months
Since the Investment is same. So, the profit is distributed in the ratio of their respective time period.
∴ Profit sharing ratio of Peter, Tony and Michael is 24 : 24 : 15 respectively = 8 : 8 : 5
Share of Michael in the Profit = (5/21) × 6300 = Rs. 1500
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Peter and Tony invested same money in the business and after 9 months Michael joined them with the same investment. If after 2 years, the total profit would be Rs. 6300. Find the share of Michael.a)Rs. 700b)Rs. 1500c)Rs. 2100d)Rs. 1200Correct answer is option 'B'. Can you explain this answer?
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Peter and Tony invested same money in the business and after 9 months Michael joined them with the same investment. If after 2 years, the total profit would be Rs. 6300. Find the share of Michael.a)Rs. 700b)Rs. 1500c)Rs. 2100d)Rs. 1200Correct answer is option 'B'. Can you explain this answer? for Defence 2024 is part of Defence preparation. The Question and answers have been prepared according to the Defence exam syllabus. Information about Peter and Tony invested same money in the business and after 9 months Michael joined them with the same investment. If after 2 years, the total profit would be Rs. 6300. Find the share of Michael.a)Rs. 700b)Rs. 1500c)Rs. 2100d)Rs. 1200Correct answer is option 'B'. Can you explain this answer? covers all topics & solutions for Defence 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Peter and Tony invested same money in the business and after 9 months Michael joined them with the same investment. If after 2 years, the total profit would be Rs. 6300. Find the share of Michael.a)Rs. 700b)Rs. 1500c)Rs. 2100d)Rs. 1200Correct answer is option 'B'. Can you explain this answer?.
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