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Sub 505 (Easy)|   Percent and Interest Problems|                        
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Carcass
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How much did credit-card fraud cost United States banks in year X to 26 Jul 2017, 08:51
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B
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How much did credit-card fraud cost United States banks in year X to the nearest $ 10 million?

(1) In year X, counterfeit cards and telephone and mail-order fraud accounted for 39 percent of the total amount that card fraud cost the banks.

(2) In year X, stolen cards accounted for $ 158.4 million, or 16 percent, of the total amount that credit-card fraud cost the banks.­


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B
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How much did credit-card fraud cost United States banks in year X to 08 Aug 2017, 08:41
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carcass
How much did credit-card fraud cost United States banks in year X to the nearest $ 10 million?

(1) In year X, counterfeit cards and telephone and mail-order fraud accounted for 39 percent of the total amount that card fraud cost the banks.

(2) In year X, stolen cards accounted for $ 158.4 million, or 16 percent, of the total amount that credit-card fraud cost the banks.
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B) Wins

A ) There can b more other type of frauds which are not mentioned....So can't calculate

B) 16% is 158.4 million dollars.. we can calculate total credit card fraud
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How much did credit-card fraud cost United States banks in year X to 17 Jul 2018, 01:51
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Hi carcass

What does this phrase mean below?

"to the nearest $ 10 million"

carcass
How much did credit-card fraud cost United States banks in year X to the nearest $ 10 million?

(1) In year X, counterfeit cards and telephone and mail-order fraud accounted for 39 percent of the total amount that card fraud cost the banks.

(2) In year X, stolen cards accounted for $ 158.4 million, or 16 percent, of the total amount that credit-card fraud cost the banks.
Show more
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How much did credit-card fraud cost United States banks in year X to 17 Jul 2018, 04:20
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read here https://www.helpingwithmath.com/by_subj ... rest10.htm

it is very informative. Hope this helps.

Regards
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How much did credit-card fraud cost United States banks in year X to 15 Dec 2020, 08:15
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carcass
How much did credit-card fraud cost United States banks in year X to the nearest $ 10 million?

(1) In year X, counterfeit cards and telephone and mail-order fraud accounted for 39 percent of the total amount that card fraud cost the banks.

(2) In year X, stolen cards accounted for $ 158.4 million, or 16 percent, of the total amount that credit-card fraud cost the banks.
Show more

(1) Counterfeit cards + telephone + mail-order fraud = 39% of Total amount of fraud. No information of either Counterfeit cards + telephone + mail-order fraud or total fraud cost is given; Insufficient.

(2) Stolen cards' cost 158.4 million which is 16% of total fraud cost. So can calculate 100% of fraud cost. Sufficient.

The answer is B.
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How much did credit-card fraud cost United States banks in year X to 31 May 2021, 15:05
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carcass
How much did credit-card fraud cost United States banks in year X to the nearest $ 10 million?

(1) In year X, counterfeit cards and telephone and mail-order fraud accounted for 39 percent of the total amount that card fraud cost the banks.

(2) In year X, stolen cards accounted for $ 158.4 million, or 16 percent, of the total amount that credit-card fraud cost the banks.
Show more
Solution:

Statement One Alone:

We know the combined percent of counterfeit cards, and telephone and mail-order frauds; however, we don’t know the combined dollar amount of these two types of frauds. For instance, if the combined dollar amount of counterfeit cards and telephone and mail-order fraud was $3.9 million, then the credit card fraud cost US banks $10 million in year X. However, if the combined dollar amount of counterfeit cards and telephone and mail-order fraud was $39 million, then the credit card fraud cost US banks $100 million in year X. Statement one alone is not sufficient.

Statement Two Alone:

We know both the dollar amount and percent of stolen cards in year X. To determine how much credit card fraud cost US banks in year X, we can simply divide $158.4 million by 0.16. Statement two alone is sufficient.

Answer: B
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How much did credit-card fraud cost United States banks in year X to 13 Apr 2024, 08:01
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financestudent
Hi carcass

What does this phrase mean below?

"to the nearest $ 10 million"

carcass
How much did credit-card fraud cost United States banks in year X to the nearest $ 10 million?

(1) In year X, counterfeit cards and telephone and mail-order fraud accounted for 39 percent of the total amount that card fraud cost the banks.

(2) In year X, stolen cards accounted for $ 158.4 million, or 16 percent, of the total amount that credit-card fraud cost the banks.
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­Approximate to the nearest $ 10 million.
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How much did credit-card fraud cost United States banks in year X to 16 Aug 2026, 23:12
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Statement 1: We do not know the amount of the credit card fraud, so insufficient.
Statement 2: We know that $158.4 million is equal to 16% of the total amount of fraud, hence the total amount would be ($158.4 million/16%). Hence, sufficient.
Carcass
How much did credit-card fraud cost United States banks in year X to the nearest $ 10 million?

(1) In year X, counterfeit cards and telephone and mail-order fraud accounted for 39 percent of the total amount that card fraud cost the banks.

(2) In year X, stolen cards accounted for $ 158.4 million, or 16 percent, of the total amount that credit-card fraud cost the banks.­


ID: 700309
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