Alex, Buxley, and Charmaine equally own a baking company together and have decided to protect their interests by entering into a cross purchase agreement. The business is valued at $1,200,000. How many policies will there be and how much will each be worth?

Question 2 options:

1)

2 policies, $600,000 each

2)

3 policies, $400,000 each

3)

4 policies, $300,000 each

4)

6 policies, $200,000 each