Question

Three business partners, Kevin, John and Margaret, put money into a business in the ratio 3: 4:5. They shared any profits in the same ratio. Last year, Margaret received £3400 profit. How much did Kevin and John receive last year?

Answer 1

Kevin - 3x

John - 4x

Margaret - 5x = 3400

5x = 3400

x = 3400 ÷ 5

x = 680

680 × 3 = 2040 (£) - Kevin received

680 × 4 = 2720 (£) - John received

Answer 2

To solve this problem, we can set up an equation based on the given information. Let's denote the amount Kevin invested as \(3x\), the amount John invested as \(4x\), and the amount Margaret invested as \(5x\), where \(x\) is a common multiplier.

The total amount of money invested is the sum of their investments: \[3x + 4x + 5x = 12x\]

Now, since they shared the profits in the same ratio as their investments, the ratio of the profits is also 3:4:5.

The total ratio is \(3 + 4 + 5 = 12\).

To find the share of each person, we divide their individual investment by the total ratio and then multiply by Margaret's profit:

- Kevin's share: \(\frac{3x}{12x} \times £3400\) - John's share: \(\frac{4x}{12x} \times £3400\)

We can simplify this further. The \(x\) terms cancel out, leaving us with:

- Kevin's share: \(\frac{3}{12} \times £3400\) - John's share: \(\frac{4}{12} \times £3400\)

Now, calculate these values:

\[ \text{Kevin's share} = \frac{3}{12} \times £3400 = £850 \]

\[ \text{John's share} = \frac{4}{12} \times £3400 = £1133.33 \]

So, Kevin received £850, and John received £1133.33 last year.