Question

You are planning to finance your start-up with a bank loan of $400,000 and equal contributions of $50,000 each in cash from a group of partners. You need $1.2M for the start-up. How many partners, not including yourself, do you need to recruit?

0: You are planning to finance your start-up with a bank loan of $400,000 and equal contributions of $50,000 each in cash from a group of partners. You need $1.2M for the start-up. How many partners, not including yourself, do you need to recruit?


a) 13
b) 14
c) 15
d) 16

Answer 1

D.) 16

Step-by-step explanation:

Took the test and that was the right answer.

Answer 2

Answer: c) 15

Explanation: Suppose that the number of partners you have to recruit for your start-up is P.

You have a loan of 400,000 and each partner will contribute with 50,000.

The total you need is 1.2M, which is 1.2.
`10^(6)`.

Expressing it in a mathematical equation would be:

total = loan + partners' contribution

1.2.
`10^(6)` = 4.
`10^(5)` + 5.
`10^(4)`P

5.
`10^(4)`P = 1.2.
`10^(6)` - 4.
`10^(5)`

Now, to subtract, you have to put the numbers with the same scientific notation:

5.
`10^(4)`P = 12.
`10^(5)` - 4.
`10^(5)`

P =
`(8.10^(5) )/(5.10^(4) )`

P = 16

So, to pay the $1.2M for the start-up, you would need 16 partners. Since, you are one of them, you need to recruit 15 partners.