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where did the fraction 2/5 and 3/5 come from Nicole Murphy and Ashley Drake formed a partnership, investing $270,000 and $90,000, respectively. Net income for
where did the fraction 2/5 and 3/5 come from
Nicole Murphy and Ashley Drake formed a partnership, investing $270,000 and $90,000, respectively. Net income for the current year is $350,000. (c) Interest at the rate of 5% allowed on original investments and the remainder divided in the ratio of 2:3 a Net income b Net income e Interest allowance Remaining income Net income Murphy $175,000 $262.500 $ 13,500 132,800 Drake $175,000 $ 87.500 $ 4.500 199 200 $270.000 x 5% $332.000 x 5 Total $350,000 $350.000 $ 18,000 332.000 $350.000 $90.000 5% $332.000 x 5 Step by Step Solution
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