QUESTION 9 of 10:You are planning to finance your start-up with a bank loan of 400,000 and equal contributions of 50,000 each in cash from a group of partners. You need 1.2M for the start-up. How many partners, including yourself, do you need to recruit? a) 13 b) 14 c) 15 d) 16

To solve this problem, we need to calculate the total amount of money needed for the start-up and then determine how many partners are required to contribute the remaining amount.<br /><br />Given information:<br />- Bank loan: $400,000<br />- Equal contributions from partners: $50,000 each<br />- Total amount needed for the start-up: $1,200,000<br /><br />Step 1: Calculate the remaining amount needed after the bank loan.<br />Remaining amount = Total amount needed - Bank loan<br />Remaining amount = $1,200,000 - $400,000 = $800,000<br /><br />Step 2: Calculate the number of partners needed to contribute the remaining amount.<br />Number of partners = Remaining amount / Contribution per partner<br />Number of partners = $800,000 / $50,000 = 16<br /><br />Therefore, the correct answer is:<br />d) 16