In a certain company, the dollar amounts budgeted for advertising, product development, and administration are 4:3:1, respectively. If the company’s entire budget is $200,000, how much did the company spend on product development?

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In a certain company, the dollar amounts budgeted for advertising, product development, and administration are 4:3:1, respectively. If the company’s entire budget is $200,000, how much did the company spend on product development?