SOLUTION: Dick, Ed and Fran formed a partnership. The partnership agreement requires them to provide capital when and as required by the partnership in the ratio of 7:9:8, respectively. A

Algebra ->  Systems-of-equations -> SOLUTION: Dick, Ed and Fran formed a partnership. The partnership agreement requires them to provide capital when and as required by the partnership in the ratio of 7:9:8, respectively. A      Log On


   

Question 1165964: Dick, Ed and Fran formed a partnership. The partnership agreement requires
them to provide capital when and as required by the partnership in the ratio
of 7:9:8, respectively.
A. If the total required initial investment was $96,000, how much did each
contribute?
B. One year later, Dick's share of another injection of capital was $10,500.
What is the total investment made by the partnership including the initial
investment? What is Ed's share of the entire investment?
Answer by Edwin McCravy(20056) About Me  (Show Source):
You can put this solution on YOUR website!
Dick, Ed and Fran formed a partnership. The partnership agreement requires
them to provide capital when and as required by the partnership in the ratio
of 7:9:8, respectively.
A. If the total required initial investment was $96,000, how much did each
contribute?
When an amount is divided three ways in the ratio a:b:c, then the three
fractions of the amount are 

 

So Dick contributed 

expr%287%2F%287%2B9%2B8%29%29%2A%22%2496%2C000%22=expr%287%2F24%29%2A96000=%22%2428%2C000%22

Ed contributed 

expr%289%2F%287%2B9%2B8%29%29%2A%22%2496%2C000%22=expr%289%2F24%29%2A96000=%22%2436%2C000%22

and Fran contributed 

expr%288%2F%287%2B9%2B8%29%29%2A%22%2496%2C000%22=expr%288%2F24%29%2A96000=%22%2432%2C000%22

B. One year later, Dick's share of another injection of capital was $10,500.
What is the total investment made by the partnership including the initial
investment? What is Ed's share of the entire investment?
Suppose the total investment was $N. Then

Dick contributed 

expr%287%2F%287%2B9%2B8%29%29%2A%22%24N%22=expr%287%2F24%29%2A%22%24N%22=%22%2410%2C500%22

expr%287%2F24%29%2A%22%24N%22=%22%2410%2C500%22

Multiply both sides by 24/7

%22%24N%22=expr%2824%2F7%29%2A%22%2410%2C500%22=%22%2436%2C000%22

Ed's share was 



Edwin