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A goldsmith has $2 million of gold in his vaults. He issues $5 million in gold receipts. His gold holdings are what fraction of the paper money (gold receipts) he has issued? LO…

A goldsmith has $2 million of gold in his vaults. He issues $5 million in gold receipts. His gold holdings are what fraction of the paper money (gold receipts) he has issued? LO…
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A goldsmith has $2 million of gold in his vaults. He issues $5 million in gold receipts. His gold holdings are what fraction of the paper money (gold receipts) he has issued? LO33.1 a. 1/10. b. 1/5. c. 2/5. d. 5/5.

User LDK
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1 Answer

6 votes
he has 2 million gold holding
He has 5 million of paper money

the fraction = gold holding/paper money

= 2 million / 5 million
= 2/5

so the answer is C. 2/5
User DrGary
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7.9k points
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