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Mary and Mike enter into a partnership by investing Rs. $700$ and Rs. $300$ respectively. At the end of one year, they divided their profits such that a third of the profit is divided equally for the efforts they have put into the business and the remaining amount of profit is divided in the ratio of the investments they made in the business. If Mary received Rs. $800$ more than Mike did, what was the profit made by their business in that year?

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Rs . 2000

Rs . 1000

Rs . 3000

Rs . 4000

answer is C.

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Detailed Solution

Given that Mary and Mike invested Rs.

700

and Rs.

300

respectively and at the eend of the year Mary received Rs.

800

more than Mike.
Let the profit made during the year be Rs.

3 x

Therefore, Rs.

x

would have been shared equally and the remaining Rs.

2 x

would have been shared in the ratio

7 : 3

.
i.e.,

70 %

2 x

would go to Mary and

30 %

2 x

would go to Mike.
Hence, Mary would get

(70 - 30) %

2 x

more than Mike.

\Rightarrow 40 %

2 x = Rs . 800

\Rightarrow \frac{40}{100} \times 2 x = 800

\Rightarrow 2 x = 2000

⇒

x = 1000

Profit made by the company at the end of the year,
Rs3x =

3 \times 1000

\Rightarrow

Rs3x = Rs.3000
Hence, the profit made by the company during the year is Rs.

3000

.
Therefore the correct option is 3.

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