SOLUTION: Harry, Dave, and George are the owners of a liquor store which is organized as a partnership. Harry put up $5,000 to get the store started. Dave put up $8,000 and George put up $2

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Question 55779: Harry, Dave, and George are the owners of a liquor store which is organized as a partnership. Harry put up $5,000 to get the store started. Dave put up $8,000 and George put up $2,000. They agree to share profit and loss based on the ratio of their respective initial investments. If the store earns a net profit of $30,000 for the year, how much of the $30,000 will George receive?
a. $2,000.00
b. $4,000.00
c. $6,000.00
d. $8,000.00


Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
They contributed to the purchase in a ratio of 5x:8x:2x
Harry is 5x
Dave is 8x
George is 2x
EQUATION:
5x+8x+2x=30000
15x=30000
x=2000
George =2x gets $4000 of the $30000 profit.
Cheers,
Stan H.