Carcass wrote:
A certain financial institution reported that its assets totaled $2,377,366.30 on a certain day. Of this amount, $31,724.54 was held in cash. Approximately what percent of the reported assets was held in cash on that day?
A. 0.00013
B. 0.0013
C. 0.013
D. 0.13
E. 1.3
Since the answer choices are so
spread apart, we can use some
approximation.
Let's round $2,377,366.30 UP to $2,400,000
Now let's test out some percents.
10% of $2,400,000 is
$240,000 1% of $2,400,000 is
$24,000 Since $31,724.54 is BETWEEN
$24,000 and
$240,000 , we can conclude that the desired percent must be BETWEEN
1% and
10% Only answer choice E is between
1% and
10% Answer: E
Cheers,
Brent
_________________
Brent Hanneson - founder of Greenlight Test Prep