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A company has issued 10000 preferred shares and 50000 common shares both of par value $ 100 each. The dividend on a preferred share and a common share is 12% and 17.6%, respectively. The company had a total profit of $ 15 Millions, out of which some amount was kept in reserve fund and the remaining distributed as dividend. Find out the amount kept in reserve fund.

Correct Answer: $ 5 Million

Explanation:


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