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Business, 06.07.2021 18:40 aliciabenitez

A limited partnership agreement provides for the following profit allocation formula: 20% of the first $1,000,000 of profit, 25% of the next $1,000,000 of profit, and 30% of profit over $2,000,000 shall be allocated to the general partner. Each limited partner and the general partner shall share equally in the remaining profit based on their relative percentages of ownership. What profit amount should be allocated to a limited partner with 3% ownership if the total profit to be allocated is $4,500,000

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