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

It is currently 11 Nov 2019, 17:55

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

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

Find Similar Topics 
Board of Directors
User avatar
D
Joined: 01 Sep 2010
Posts: 3419
A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 24 Jul 2017, 12:14
2
Top Contributor
30
00:00
A
B
C
D
E

Difficulty:

  65% (hard)

Question Stats:

58% (01:34) correct 42% (01:48) wrong based on 1086 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

_________________
Most Helpful Expert Reply
Target Test Prep Representative
User avatar
V
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 8340
Location: United States (CA)
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 26 Jul 2017, 16:14
7
2
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

Scott@TargetTestPrep.com
TTP - Target Test Prep Logo
122 Reviews

5-star rated online GMAT quant
self study course

See why Target Test Prep is the top rated GMAT quant course on GMAT Club. Read Our Reviews

If you find one of my posts helpful, please take a moment to click on the "Kudos" button.

General Discussion
Senior SC Moderator
avatar
V
Joined: 22 May 2016
Posts: 3642
A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 24 Jul 2017, 15:38
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
_________________
SC Butler has resumed! Get two SC questions to practice, whose links you can find by date, here.

Never doubt that a small group of thoughtful, committed citizens can change the world; indeed, it's the only thing that ever has -- Margaret Mead
BSchool Forum Moderator
avatar
P
Joined: 05 Jul 2017
Posts: 508
Location: India
GMAT 1: 700 Q49 V36
GPA: 4
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 30 Aug 2017, 08:04
3
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
_________________
Math Expert
User avatar
V
Joined: 02 Sep 2009
Posts: 58954
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 27 Aug 2017, 03:06
1
Verbal Forum Moderator
User avatar
V
Status: Greatness begins beyond your comfort zone
Joined: 08 Dec 2013
Posts: 2424
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, 20:55
1
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
GMAT Club Legend
GMAT Club Legend
User avatar
V
Joined: 12 Sep 2015
Posts: 4055
Location: Canada
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 13 Sep 2017, 16:06
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
Intern
Intern
avatar
B
Joined: 21 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, 13:15
Is this really a 700-level question or sub-700? I guess it is latter.
Director
Director
avatar
G
Joined: 02 Sep 2016
Posts: 643
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 14 Sep 2017, 05:49
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: 511
Location: Kuwait
GPA: 3.2
WE: Engineering (Real Estate)
GMAT ToolKit User
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 26 Oct 2018, 17:11
My approach was this way

30,000/2,400,000 = 1/80 = 0.0125 * 100 = 1.25
Intern
Intern
avatar
B
Joined: 19 May 2016
Posts: 22
Location: Pakistan
Concentration: Marketing, Strategy
GPA: 3.1
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 18 Dec 2018, 19:54
i calculated correct however seleced C as answer because i hadnt fully read what the question had asked for! had I multiplied it with 100 for percent, would have gotten it correct
Intern
Intern
avatar
B
Joined: 01 May 2017
Posts: 34
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 12 Jan 2019, 05:17
if 2,377,366.30 is 100% then 1% will be 2,377,3.6630, compare with 31,724.54, thus answer must be more than 1%.
So Answer E.
Manager
Manager
User avatar
B
Joined: 29 Jan 2015
Posts: 60
Location: India
Concentration: Marketing, Entrepreneurship
GPA: 3.7
WE: Information Technology (Internet and New Media)
CAT Tests
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 01 Sep 2019, 08:05
23,77,366.3 ~ 24 * 10^5
31,724.54 ~ 32 * 10^3


so required answer for estimating percentage = 32 * 10^3 * 100 / 24 * 10^5 = 32 / 24 ~ greater than 1
Director
Director
User avatar
P
Joined: 18 Dec 2017
Posts: 639
Location: United States (KS)
Re: A certain financial institution reported that its assets totaled $2,37  [#permalink]

Show Tags

New post 05 Sep 2019, 07:57
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


Wow. Timer shows only 58% people have got it right.
$2,377,366.30 -> 1%=23773.6630 (Just divide by 100).
The ask is 31,724.54. It is higher than 1% and only option E works.

Thank you!
_________________
----The Moment You Think About Giving Up, Think Of The Reason Why You Held On So Long ----
Software Tester currently in USA ( ;-) )

All GMAT Ninja LIVE YouTube videos by topic
GMAT Club Bot
Re: A certain financial institution reported that its assets totaled $2,37   [#permalink] 05 Sep 2019, 07:57
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  





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