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

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A certain financial institution reported that its assets totaled $2,37 [#permalink]

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Question Stats:

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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
[Reveal] Spoiler: OA

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A certain financial institution reported that its assets totaled $2,37 [#permalink]

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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


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

Round the numbers. All that matters is where the decimal point lands.

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

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

= .013 x 100 = 1.3%

Answer E

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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink]

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New post 26 Jul 2017, 16:14
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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


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
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink]

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New post 26 Aug 2017, 13:15
Is this really a 700-level question or sub-700? I guess it is latter.

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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink]

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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink]

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New post 27 Aug 2017, 20:55
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
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink]

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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

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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink]

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New post 13 Sep 2017, 16:06
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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


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:
[Reveal] Spoiler:
E


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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink]

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New post 14 Sep 2017, 05:49
31724.54= 3200000
2377366.30= 240000000

%= 3200000/240000000 *100
%= 4/3= 1.3
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Re: A certain financial institution reported that its assets totaled $2,37   [#permalink] 14 Sep 2017, 05:49
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