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mgmat - bank money

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mgmat - bank money

by okigbo » Tue Nov 10, 2009 12:32 pm
A certain bank has ten branches. What is the total amount of assets under management at the bank?

(1) There is an average (arithmetic mean) of 400 customers per branch. When each branch's average (arithmetic mean) assets under management per customer is computed, these values are added together and this sum is divided by 10. The result is $400,000 per customer.

(2) When the total assets per branch are added up, each branch is found to manage an average (arithmetic mean) of 160 million dollars in assets.
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Re: mgmat - bank money

by palvarez » Tue Nov 10, 2009 8:47 pm
okigbo wrote:A certain bank has ten branches. What is the total amount of assets under management at the bank?

(1) There is an average (arithmetic mean) of 400 customers per branch. When each branch's average (arithmetic mean) assets under management per customer is computed, these values are added together and this sum is divided by 10. The result is $400,000 per customer.

(2) When the total assets per branch are added up, each branch is found to manage an average (arithmetic mean) of 160 million dollars in assets.
(2) is sufficient on its own.

(1) we know average for each branch but we don't know how many customers each branch has. The stem gives average, but not weighted average. So, insufficient.

B is the answer
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