Question

Steve and Elizabeth decide to become partners in a children’s cooking school. They need $80,000 for the franchise. They invest in a 3:4 ratio, respectively. How much did Elizabeth invest?

Answer 1

The share of Steve is $34,285 .71

The share of Elizabeth is $45,714.28

Explanation:

The total investment of Steve and Elizabeth in cooking school = $80, 000

The ratio of investment of Steve and Elizabeth = 3: 4

Let us assume the common factor in the ratio is m.

So, the ratio of Steve = 3 m

and the ratio of Steve = 4 m

So, according to the question:

⇒ 3 m + 4 m = 80,000

or, 7 m = 80,000

⇒ m = 80,000 / 7 = 11,428.57

or, m = 11,428.57

⇒ The share of Steve = 3 m = 3 x (11,428.57) = 34,285 .71

⇒ The share of Elizabeth = 4 m = 4 x (11,428.57) = 45,714.28