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

 It is currently 11 Nov 2019, 17:55

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

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

Show Tags

24 Jul 2017, 12:14
2
Top Contributor
30
00:00

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

_________________
Target Test Prep Representative
Status: Founder & CEO
Affiliations: Target Test Prep
Joined: 14 Oct 2015
Posts: 8340
Location: United States (CA)

Show Tags

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%

_________________
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
Joined: 05 Jul 2017
Posts: 508
Location: India
GMAT 1: 700 Q49 V36
GPA: 4

Show Tags

27 Aug 2017, 03:06
1
nandapankaj wrote:
Is this really a 700-level question or sub-700? I guess it is latter.

Every tag has a difficulty tag which is above the first post. This question is 700-level problem.
_________________
Verbal Forum Moderator
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)
Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] Show Tags 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

_________________
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
Joined: 12 Sep 2015
Posts: 4055
Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] Show Tags 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%

RELATED VIDEO FROM OUR COURSE

_________________
Test confidently with gmatprepnow.com
Intern
Joined: 21 Mar 2012
Posts: 23
Location: India
GMAT 1: 710 Q49 V38

Show Tags

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
Joined: 19 Oct 2013
Posts: 511
Location: Kuwait
GPA: 3.2
WE: Engineering (Real Estate)

Show Tags

18 Dec 2018, 19:54
Intern
Joined: 01 May 2017
Posts: 34

Show Tags

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
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 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