Question

A partnership had its agreement drawn up by a lawyer. The company made $350,000 in profit at the end of the year. The

Answer 1

Partner #2 received $180,000 from the profits.

Calculus

Given that a partnership had its agreement drawn up by a lawyer, and the company made $350,000 in profit at the end of the year, and the agreement identified partner #1 to receive 40% and partner #2 to receive 60% of the profits, To determine, if the partners agreed to invest $50,000 of the company's profits back into the business, how much money did partner #2 receive from the profits, the following calculation must be performed:

• (350,000 - 50,000) x 0.6 = X
• 300,000 x 0.6 = X
• 180,000 = X

Therefore, partner #2 received $180,000 from the profits.

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