Answer:
57.143%
Step-by-step explanation:
We have been given that Steve and Elizabeth decide to become partners in a children’s cooking school. They need $80,000 for the franchise. They invest 3:4 radio respectively.
Let x be the amount that Elizabeth owned in business. The proportions for the partnership of Steve and Elizabeth will be same.
[tex]\frac{x}{80000}=\frac{4}{3+4}[/tex]
[tex]\frac{x}{80000}=\frac{4}{7}[/tex]
[tex]x=\frac{4}{7}\times 80000[/tex]
[tex]x=0.5714285714285714\times 80000[/tex]
[tex]x=45714.285714285712\approx 45714.29[/tex]
Therefore, Elizabeth's share in children's cooking school is $45714.29.
Now let us find 45714.29 is what percent of 80000.
[tex]\text{Percent of the business owned by Elizabeth}=\frac{45714.29}{80000}\times 100[/tex]
[tex]\text{Percent of the business owned by Elizabeth}=0.5714285714285714\times 100[/tex]
[tex]\text{Percent of the business owned by Elizabeth}=57.14285714285714\approx 57.143[/tex]
Therefore, Elizabeth owned 57.143% of the business.
Based on the amount invested and the ratio invested in, Elizabeth owns 57.1% of the children's cooking school.
Steve and Elizabeth invested in a ratio of 3:4.
The total amount invested by Elizabeth is:
= Ratio invested by Elizabeth / Sum of ratio
= 4 / ( 3 + 4
= 4 / 7
= 57.1%
In conclusion, Elizabeth owns 57.1% of the business.
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