Question

How much did Mayank get as profit at the year-end in the business done by Abinash, Mayank and Pankaj?
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1. Abinash invested Rs. 6000 every month for eight months and earned a profit which was one-and-half times that of Mayank, wh
three times that of Pankaj.
II. Pankaj and Mayank invested for one year in the ratio of 1:2 and the total profit earned by all three was Rs. 3600.
O Statement I alone is sufficient
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O Both statements I and II are necessary.
O Both statements I and II are not sufficient.
O Statement || alone is sufficient.
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Mark for Review & Next
Clear Response
Version : 17.05.21​

Answer 1

Both statements 1 and 2 are necessary.

Given:

Statement 1

• Amount Abhinash invested every month for 8 months = 6000
• The Ratio of profit of Abhinash and Mayank = 1.5
• The Ratio of profit of Abhinash and Pankaj = 3

Statement 2

• The ratio of money Pankaj and Mayank invested = 1:2
• Total profit earned by all three = 3600

To Find:

Which statements is/are necessary to find profit earned by Mayank

Solution:

Statement 1 gives us the ratio of the profits earned by all three but we can not get the value of each person's profit by statement 1 alone.

Statement 2 gives us the total value of profit earned by all but alone with this value, we can not find each person's individual profit.

But if we use both the Statements, using the ratio given in Statement 1 and total profit in Statement 2, we can find each individual profit.

Let the Mayank's Profit be x.

Therefore Abhinash's Profit = 1.5x And Pankaj's Profit = $\frac{x}{2}$

Total profit = 3600

$x+1.5x+\frac{x}{2} = 3600$

$x=1200$

Hence we need both the statements to find Mayank's profit of Rs.1200.

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Answer 2

The answer is, we need both the statements to find Mayank's profit of Rs.1200.

What is profit and example?

• Profit is a term that often describes the financial gain a business receives when revenue surpasses costs and expenses.
• For example, a child at a lemonade stand spends one quarter to create one cup of lemonade.

What are the types of profit?

Three forms of profit are gross profit, operating profit, and net profit.

What is the importance of profit?

• Making a profit is essential for a business that desires to expand it operations.
• Earning a profit allows you to open other business locations, acquire another business, target other markets and expand your operations into foreign territory.

Given,

Statement 1:

Amount Abhinash invested every month for 8 months = 6000

The Ratio of profit of Abhinash and Mayank = 1.5.

The Ratio of profit of Abhinash and Pankaj = 3.

Statement 2:

The ratio of money Pankaj and Mayank invested = 1:2

Total profit earned by all three = 3600

Solution:

Statement 1 gives us the ratio of the profits earned by all three but we can not get the value of each person's profit by statement 1 alone.

Statement 2 gives us the total value of profit earned by all but alone with this value, we can not find each person's individual profit.

But if we use both the Statements, using the ratio given in Statement 1 and total profit in Statement 2, we can find each individual profit.

Let the Mayank's Profit be x.

Therefore Abhinash's Profit =1.5 x And Pankaj's Profit $=\frac{x}{2}$

Total profit =3600

$x+1.5 x+\frac{x}{2}=3600 x=1200$

Hence, we need both the statements to find Mayank's profit of Rs.1200.

Learn more about profit here,

https://brainly.in/question/1201290?msp_poc_exp=5

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