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A corporation that had $115.19 billion in profits for the

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A corporation that had $115.19 billion in profits for the [#permalink] New post 28 Aug 2006, 12:18
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A corporation that had $115.19 billion in profits for the first year paid out $230.10 million in employee benefits. Approximately what percentage of the profits were the benefits? (1 billion = 10^9)

(a) 50%
(b) 20%
(c) 5%
(d) 2%
(e) 0.2%

I was sure of my answer... until the official answer turned out different!! :P will post the OA by end of day (EST).
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 [#permalink] New post 28 Aug 2006, 12:29
This should be straightforward...


Approx. 230 x 10^6 x 100/115 x 10^9 = 2 x 100/1000 = 0.2%
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But... [#permalink] New post 28 Aug 2006, 12:42
Thanks, Haas. Thats the OA.

But what PERCENTAGE of the profits are the benefits?
Isnt that = benefits/ profits * 100?

That would give me 20%.

Am I mistaking the wording of the question?

MG
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Re: But... [#permalink] New post 28 Aug 2006, 12:50
I think you missed the $230.10 Million of Benefits and 115.10 Billion in profits.

Million = 10^6
Billion = 10^9

Benefits/Profits x 100 = 230 x 10^6 x 100 /115 x 10^9
= 2 x 100/1000 = 0.2%


mikki0000 wrote:
Thanks, Haas. Thats the OA.

But what PERCENTAGE of the profits are the benefits?
Isnt that = benefits/ profits * 100?

That would give me 20%.

Am I mistaking the wording of the question?

MG
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Duh :) [#permalink] New post 28 Aug 2006, 13:16
Sometimes I get stuck on the stupidest things... I multiplied it with 100 twice during my calculations and got it wrong!!

Thanks!
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Re: Duh :) [#permalink] New post 28 Aug 2006, 13:18
Most of us have those days... I had one yesterday when I did
8-2 = 4 and continued working to get the wrong answer, ofcourse!! :-)

Hang in and stick to working on problems...

mikki0000 wrote:
Sometimes I get stuck on the stupidest things... I multiplied it with 100 twice during my calculations and got it wrong!!

Thanks!
MG
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Re: PP1 PS question - simple but confused! [#permalink] New post 31 Aug 2006, 22:03
mikki0000 wrote:
A corporation that had $115.19 billion in profits for the first year paid out $230.10 million in employee benefits. Approximately what percentage of the profits were the benefits? (1 billion = 10^9)

(a) 50%
(b) 20%
(c) 5%
(d) 2%
(e) 0.2%

I was sure of my answer... until the official answer turned out different!! :P will post the OA by end of day (EST).


Late but (E)

To reinforce the concept Mikki, what percent of the total US GDP ~$10 trillion is Matt's income (approx $1) :lol: ??
Re: PP1 PS question - simple but confused!   [#permalink] 31 Aug 2006, 22:03
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