Ravi and Nikhil started a business investing 48,000 and 64,000 respectively, but Nikhil left the business after 2 months. Find the difference between the share of profits of Ravi and Nikhil, if the total profit at the end of the year was 12,100?
Question
Ravi and Nikhil started a business investing 48,000 and 64,000 respectively, but Nikhil left the business after 2 months. Find the difference between the share of profits of Ravi and Nikhil, if the total profit at the end of the year was 12,100?
Solution
Sure, let's solve this step by step.
Step 1: Understand the problem Ravi and Nikhil started a business with different investments and Nikhil left the business after 2 months. We need to find the difference between their share of profits.
Step 2: Calculate the ratio of their investments The profit is divided in the ratio of their investments multiplied by the time period for which they invested.
Ravi invested 48,000 for 12 months, so his share is 4800012 = 576000 Nikhil invested 64,000 but only for 2 months, so his share is 640002 = 128000
Step 3: Calculate the total investment The total investment is 576000 (Ravi's share) + 128000 (Nikhil's share) = 704000
Step 4: Calculate the ratio of their investments The ratio of Ravi's investment to Nikhil's investment is 576000:128000, which simplifies to 4.5:1
Step 5: Calculate their individual profits The total profit is 12,100, so Ravi's profit is (4.5/5.5)*12100 = 9900 and Nikhil's profit is (1/5.5)*12100 = 2200
Step 6: Find the difference between their profits The difference between their profits is 9900 - 2200 = 7700
So, the difference between the share of profits of Ravi and Nikhil is 7700.
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