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Amit and Deepak started a business with initial investments in the ratio of 3:1 respectively. At the end of 8 months from the start of the business, Amit left. If Deepak received ₹8000 as his share of the annual profit, then what was the annual profit?
- ₹20000
- ₹28000
- ₹24000
- ₹32000
Correct answer: ₹24000
Solution
Amit and Deepak invest in the ratio 3:1. Their effective investments are $3 \times 8 = 24$ and $1 \times 12 = 12$, so the profit ratio is $24:12 = 2:1$. Deepak's share is therefore one-third of the total profit, so total profit = $8000 \times 3 = 24000$.
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