I have a question I've been working on here for a university math class. It's very basic but I just can't figure out what formula to use.
Here is the question:
The annual net income of the PhotoFinish Co. partnership is to be distributed between its three partners so that Orla receives 25% more than Chauncey, and Cody receives 20% more than Chauncey.
a) If the net income of PhotoFinish Co. for the past year was $84,279, what amount should be allocated to Chauncey? For full marks your answer(s) should be rounded to the nearest cent.
b) If Orla wishes to receive $15,025.42 for her share this year, what should the PhotoFinish Co. partnership's annual net income be? For full marks your answer(s) should be rounded to the nearest dollar.
Thank you all for the help.