Winifred, Mary and Sarah jointly thought of engaging themselves in a business venture. It was agreed that Winifred would invest Rs. 6500 for 6 months, Mary, Rs. 8400 for 5 months and Sarah, Rs. 10,000 for 3 months. Winifred wants to be the working member for which, she was to receive 5% of the profits. The profit earned was Rs. 7400. Calculate the share of Mary in the profit?
Question
Winifred, Mary and Sarah jointly thought of engaging themselves in a business venture. It was agreed that Winifred would invest Rs. 6500 for 6 months, Mary, Rs. 8400 for 5 months and Sarah, Rs. 10,000 for 3 months. Winifred wants to be the working member for which, she was to receive 5% of the profits. The profit earned was Rs. 7400. Calculate the share of Mary in the profit?
Solution
To calculate the share of each person, we first need to calculate the ratio of their investments.
The ratio of their investments would be calculated as follows:
- Winifred's investment: Rs. 6500 for 6 months = Rs. 39000
- Mary's investment: Rs. 8400 for 5 months = Rs. 42000
- Sarah's investment: Rs. 10000 for 3 months = Rs. 30000
So, the ratio of their investments is 39:42:30.
Next, we calculate the total profit after taking out Winifred's share for being the working member. Winifred receives 5% of the total profit, which is Rs. 7400 * 5/100 = Rs. 370.
The remaining profit is Rs. 7400 - Rs. 370 = Rs. 7030.
This remaining profit is to be divided among Winifred, Mary, and Sarah in the ratio of their investments.
The total parts in the ratio is 39 + 42 + 30 = 111.
So, Mary's share in the profit would be (42/111) * Rs. 7030 = Rs. 2670.
Therefore, Mary's share in the profit is Rs. 2670.
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