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

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carcass
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A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   24 Jul 2017, 12:14
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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
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E
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] 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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BrentGMATPrepNow
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A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   Updated on: 25 Apr 2022, 11:45
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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 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: E

Cheers,
Brent

Originally posted by BrentGMATPrepNow on 13 Sep 2017, 16:06.
Last edited by BrentGMATPrepNow on 25 Apr 2022, 11:45, edited 2 times in total.
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A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   24 Jul 2017, 15:38
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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
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
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   27 Aug 2017, 20:55
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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


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] New post   30 Aug 2017, 08:04
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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] New post   25 Sep 2020, 06:29
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Assets totaled: $2,377,366.30 ≈ $2,377,365

Cash: $31,724.54 ≈$31,725

Approximately what percent of the reported assets was held in cash on that day

=> \(\frac{31,725 }{ 2,77,365}\) * 100

=> 1.3

Answer E
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   17 Dec 2020, 08:50
10 sec approach.
it is evident that multiplying denominator with 13 will give numerator.
So all we have to see what power 10 has to be multiples.
num / denom * 100 gives numerator >denominator
Hence option is greater than 1.
Hence E
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   11 Mar 2021, 23:11
Hi BrentGMATPrepNow

If you can then could please expand a little bit more on what you mean by this
Quote:
Since the answer choices are so spread apart, we can use some approximations.
?
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   12 Mar 2021, 06:27
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Vegita wrote:
Hi BrentGMATPrepNow

If you can then could please expand a little bit more on what you mean by this
Quote:
Since the answer choices are so spread apart, we can use some approximations.
?


I discuss this strategy starting at 0:45 in this video: https://www.gmatprepnow.com/module/gene ... video/1111
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   02 Jun 2021, 22:32
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 question is kind enough to ask approximate value.

assume: \(2,377,366.30 = 2* 10^6\) $

and \($31,724.54= 30,000\) $

it's asking a is what % of b?

\(30,000= x/100* 2*10^6\)
\(x= 30,000*100/2*10^6\)
\(x= 3* 10^6/2* 10^6\)

we're left with 3/2: \(1.5%\) closest approximation= \(1.3%\). E is our answer.
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A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   13 May 2022, 12:12
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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


$2,377,366.30? Nahhhhh, $2,400,000.
1% of that is $24,000.
The cash amount is more than that, so we need an answer choice that's greater than 1%.

Answer choice E.

ThatDudeKnowsBallparking
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   12 Aug 2022, 11:46
instead of solving - pay attention to the options

clearly numerator is greater than denominator and each has 9 digits i.e. 3172454*100 / 237736630
so after division we get 1.x, where x is 3 - if we compare all the options
hence E

also by estimation
31724.54 ~ 32k
2377366 ~ 2400k
therefore, (32k*100/2400k ) = 1.33
E
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Re: A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   02 Sep 2022, 23:11
Since this was a 700 level question, and GMAT DOES NOT require us to do tedious math, rather use logic instead, I wrote the numbers WITH the Formula without even estimating.

First checked the answer choices for clues.

Wrote down formula: $31,724.54/2,377,366.30 x 100 (Percent conversion formula)

Instantly the 31k turns into 3.1M/2.3M.

2 MUST go into 3 ONE time. Only answer choice.
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A certain financial institution reported that its assets totaled $2,37 [#permalink] New post   24 Dec 2023, 20:53
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