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For every dollar of sales charged to a certain bank credit [#permalink]
24 Oct 2006, 13:41
0% (00:00) correct
0% (00:00) wrong based on 0 sessions
For every dollar of sales charged to a certain bank credit card, a department store must pay $0.003 to the bank that issued the credit card. What percentage of the department store's sales transactions last month were credit card transactions?
1. The store made 2,000 last month.
2. The store took in a total of $250,000 last month and paid $300 to the bank that issued the credit card.
1. The store made 2,000 last month. - Insufficient as we do not know how much may be from cash or other credit cards
2. The store took in a total of $250,000 last month and paid $300 to the bank that issued the credit card. - Sufficient as $300 was the total charged by the bank. $250K = total transactions (which could include cash, other payment methods etc...).
"Never let the fear of striking out get in your wayâ€
Stat(1) - Insuff
Stat(2) - Can only tell the amount that was made from credit card transactions. If each dollar meant 1 transaction only then Stat(2) would be suff. But we are not aware of the amount included in each transaction. A single transaction could include several dollars.
If you pay extra attention to the question, it asks for percent of no. of creidt card transactions as percent of total no. of transactions. There is no information on the number of transactions in either statement.
I did not. But, IMO, the question is not very clear in the first place.