Question

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?

Hint:

To find the percentage of a quantity, divide the part by the whole and multiply by 100.

Answer 1

Step 1: Use the formula for calculating the percentage.
The formula for the percentage is: \[ \text{Percentage} = \frac{\text{Amount held in cash}}{\text{Total assets}} \times 100 \] Substitute the given values: \[ \text{Percentage} = \frac{31,724.54}{2,377,366.30} \times 100 \] Step 2: Calculate the percentage.
First, calculate the fraction: \[ \frac{31,724.54}{2,377,366.30} \approx 0.0133 \] Then multiply by 100 to convert to a percentage: \[ 0.0133 \times 100 \approx 1.3% \] Step 3: Conclusion.
Thus, approximately 1.3% of the total assets were held in cash on that day.