Question

Three partners share for business.Max owns 3/8, Sherry owns 2/5, and Duane owns the rest.If the profits this year are 250,000, how much does each partner receive (in $)?

Max-$
Sherry-$
Duane-$

Answer 1

To determine how much each partner receives, subtract the sum of Max and Sherry's ownership percentages from 1 to find Duane's percentage. Then, multiply each partner's percentage by the total profits to calculate their share.

Step-by-step explanation:

To determine how much each partner receives, we need to calculate the amount owned by Duane since Max and Sherry's ownership percentages are already given. The total ownership percentage is 1, so Duane's ownership percentage can be found by subtracting the sum of Max and Sherry's percentages from 1:

Duane's ownership percentage = 1 - (Max's ownership percentage + Sherry's ownership percentage)

Duane's ownership percentage = 1 - (3/8 + 2/5) = 1 - (15/40 + 16/40) = 1 - (31/40) = 9/40

Now that we know Duane's ownership percentage, we can calculate the amount each partner receives:

Max's share = Max's ownership percentage * Total profits = (3/8) * 250,000

Sherry's share = Sherry's ownership percentage * Total profits = (2/5) * 250,000

Duane's share = Duane's ownership percentage * Total profits = (9/40) * 250,000

Answer 2

Three partners share for business. Each partner’s receive Max-$ 93,750 and Sherry-$ 100,000 and Duane-$ 56,250

Solution:

Given that three partners share the business

Max owns 3/8, Sherry owns 2/5, and Duane owns the rest

Profit of the year is 250,000

We need to find how much is the share of each partner

Share owned by Max
`=(3)/(8)`

Share owned by Sharry =
`(2)/(5)`

Share owned by Duane
`=1-\left((3)/(8)+(2)/(5)\right)=(9)/(40)`

Total profit earned = $250,000

Thus, Max receives =
`(3)/(8) *250,000` = $93,750

Sharry receives =
`(2)/(5) * 250,000` = $100,000

Duane receives =
`(9)/(40) *250,000` = $56,250

Hence the share of Max , Sharry and Duane is calculated.