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A certain financial institution reported that its assets tot
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05 Jun 2020, 08:33
05 Jun 2020, 08:33
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Question Stats:
56% (01:05) correct
43% (01:03) wrong based on 81 sessions
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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
A. 0.00013
B. 0.0013
C. 0.013
D. 0.13
E. 1.3
Re: A certain financial institution reported that its assets tot
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05 Jun 2020, 08:34
05 Jun 2020, 08:34
Expert Reply
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Re: A certain financial institution reported that its assets tot
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05 Jun 2020, 09:53
05 Jun 2020, 09:53
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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
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
