Question

Eric, Aaron and Corrine invested in a partnership in the ration 1:4:7 respectively. Years later, when the partnership was worth $1.6 million, Aaron decides to go to graduate school and sell his part of the partnership to Eric. A) How much (dollar value) does each partner have? Remember that money rounds to the nearest penny, or hundredths!

Answer 1

Answer: eric 0.667 million, aaron 0 million , corrine : 0.933 million
How ?
Understand using ratio:
1:4:7
Should be think of as 1/ 1+4+7 : 4 / 1+4+7 : 7 / 1+4+7
Which comes out to be = 1/12 : 4 /12 : 7/12
Each part of the ratio multiplied by total amount will give you the value in dollars.
Which comes out to be :
Initial money with each partner
Eric = (1/12)*1.6 million = 0.13nu million
Aaron = (4/12) * 1.6 million = 0.53million
Corrine= (7/12) * 1.6 million = 0.93 million
Aaron sells his part of partnership to eric
Eric will have 0.13 + 0.53 = 0.66 million
Aaron will have 0
Corrine will have 0.93