GMAT Question of the Day - Daily to your Mailbox; hard ones only

It is currently 11 Dec 2018, 03:26

Close

GMAT Club Daily Prep

Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.

Customized
for You

we will pick new questions that match your level based on your Timer History

Track
Your Progress

every week, we’ll send you an estimated GMAT score based on your performance

Practice
Pays

we will pick new questions that match your level based on your Timer History

Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.

Close

Request Expert Reply

Confirm Cancel
Events & Promotions in December
PrevNext
SuMoTuWeThFrSa
2526272829301
2345678
9101112131415
16171819202122
23242526272829
303112345
Open Detailed Calendar
  • Free GMAT Prep Hour

     December 11, 2018

     December 11, 2018

     09:00 PM EST

     10:00 PM EST

    Strategies and techniques for approaching featured GMAT topics. December 11 at 9 PM EST.
  • The winning strategy for 700+ on the GMAT

     December 13, 2018

     December 13, 2018

     08:00 AM PST

     09:00 AM PST

    What people who reach the high 700's do differently? We're going to share insights, tips and strategies from data we collected on over 50,000 students who used examPAL.

A certain financial institution reported that its assets totaled $2,37

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  
Author Message
TAGS:

Hide Tags

Board of Directors
User avatar
P
Joined: 01 Sep 2010
Posts: 3294
A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 24 Jul 2017, 11:14
2
Top Contributor
20
00:00
A
B
C
D
E

Difficulty:

  65% (hard)

Question Stats:

56% (01:13) correct 44% (01:22) wrong based on 735 sessions

HideShow timer Statistics

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

_________________

COLLECTION OF QUESTIONS AND RESOURCES
Quant: 1. ALL GMATPrep questions Quant/Verbal 2. Bunuel Signature Collection - The Next Generation 3. Bunuel Signature Collection ALL-IN-ONE WITH SOLUTIONS 4. Veritas Prep Blog PDF Version 5. MGMAT Study Hall Thursdays with Ron Quant Videos
Verbal:1. Verbal question bank and directories by Carcass 2. MGMAT Study Hall Thursdays with Ron Verbal Videos 3. Critical Reasoning_Oldy but goldy question banks 4. Sentence Correction_Oldy but goldy question banks 5. Reading-comprehension_Oldy but goldy question banks

Most Helpful Expert Reply
Target Test Prep Representative
User avatar
P
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 4277
Location: United States (CA)
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 26 Jul 2017, 15:14
7
1
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


The percentage held in cash is:

31,724.54/2,377,366.30/ x 100

We can round 31,724.54 to 32,000 and round 2,377,366.30 to 2,400,000, and we have:

32,000/2,400,000 x 100

32/2,400 x 100

32/24

4/3

1.333...

The closest answer choice is 1.3.

Answer: E
_________________

Scott Woodbury-Stewart
Founder and CEO

GMAT Quant Self-Study Course
500+ lessons 3000+ practice problems 800+ HD solutions

General Discussion
Senior SC Moderator
avatar
V
Joined: 22 May 2016
Posts: 2201
Premium Member CAT Tests
A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 24 Jul 2017, 14:38
3
1
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


(Cash/Total assets * 100) = percent of assets held in cash

Round the numbers. All that matters is where the decimal point lands
30,000 = 31,724.54
2,300,000 = 2,377,366.30

Percent of assets held in cash: \(\frac{30,000}{2,300,00} * 100\)

\(\frac{3 * 10^4}{23 * 10^5} * 100\)

= (.13 x 10\(^{-1}\)) x 100

= .013 x 100 = 1.3%

Answer E
Intern
Intern
avatar
B
Joined: 20 Mar 2012
Posts: 23
Location: India
GMAT 1: 710 Q49 V38
GMAT ToolKit User Reviews Badge
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 26 Aug 2017, 12:15
Is this really a 700-level question or sub-700? I guess it is latter.
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 51098
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 27 Aug 2017, 02:06
1
Verbal Forum Moderator
User avatar
V
Status: Greatness begins beyond your comfort zone
Joined: 08 Dec 2013
Posts: 2127
Location: India
Concentration: General Management, Strategy
Schools: Kelley '20, ISB '19
GPA: 3.2
WE: Information Technology (Consulting)
GMAT ToolKit User Reviews Badge CAT Tests
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 27 Aug 2017, 19:55
1
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


Total assets = 2,377,366.30$ = 23*10^5
Cash reserves = 31,724 = 31*10^3

percent of the reported assets that were held in cash on that day = 31*10^3/(23*10^5) *100%
=31/23 = 1.3

Answer E
_________________

When everything seems to be going against you, remember that the airplane takes off against the wind, not with it. - Henry Ford
The Moment You Think About Giving Up, Think Of The Reason Why You Held On So Long
+1 Kudos if you find this post helpful

BSchool Forum Moderator
avatar
P
Joined: 05 Jul 2017
Posts: 490
Location: India
GMAT 1: 700 Q49 V36
GPA: 4
CAT Tests
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 30 Aug 2017, 07:04
2
10% is 237736.6630
1% is 23773.6630

If you see 31724 is near to 23773.66 i.e. it has to be above 1% but less than 2% (Because 2% would mean 23773.66*2 that is more than 31724)

The only option in this range is E. You can solve within 30 seconds
_________________

My journey From 410 to 700 :-)
Here's my experience when I faced a glitch in my GMAT Exam
Don't do this mistake when you give your GMATPrep Mock!
NEW GMATPrep software analysis by Bunuel

CEO
CEO
User avatar
D
Joined: 11 Sep 2015
Posts: 3228
Location: Canada
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 13 Sep 2017, 15:06
1
Top Contributor
1
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 approximations.
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:

RELATED VIDEO FROM OUR COURSE

_________________

Test confidently with gmatprepnow.com
Image

Director
Director
avatar
G
Joined: 02 Sep 2016
Posts: 683
Premium Member
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 14 Sep 2017, 04:49
31724.54= 3200000
2377366.30= 240000000

%= 3200000/240000000 *100
%= 4/3= 1.3
_________________

Help me make my explanation better by providing a logical feedback.

If you liked the post, HIT KUDOS !!

Don't quit.............Do it.

Director
Director
avatar
G
Joined: 19 Oct 2013
Posts: 509
Location: Kuwait
GPA: 3.2
WE: Engineering (Real Estate)
GMAT ToolKit User CAT Tests
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 26 Oct 2018, 16:11
My approach was this way

30,000/2,400,000 = 1/80 = 0.0125 * 100 = 1.25
GMAT Club Bot
Re: A certain financial institution reported that its assets totaled $2,37 &nbs [#permalink] 26 Oct 2018, 16:11
Display posts from previous: Sort by

A certain financial institution reported that its assets totaled $2,37

  new topic post reply Question banks Downloads My Bookmarks Reviews Important topics  


Copyright

GMAT Club MBA Forum Home| About| Terms and Conditions and Privacy Policy| GMAT Club Rules| Contact| Sitemap

Powered by phpBB © phpBB Group | Emoji artwork provided by EmojiOne

Kindly note that the GMAT® test is a registered trademark of the Graduate Management Admission Council®, and this site has neither been reviewed nor endorsed by GMAC®.