Question

1. banks made around $31 billion in fees in 2019. if those households were responsible for the entire $31 billion, on average how much did each pay in fees?
2. when it comes to fears about banking, only 13% of americans are cautious of incurring bank fees, according to a gobankingrates survey. how many of the 131.3 million households in america are on the lookout for these hidden bank fees?

exit ticket
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Explanation:

Step1: Calculate average fee per household for question 5

We need to know the number of households to calculate the average. Since it's not given, we assume there is 1 household for simplicity (if we consider the entire amount paid by one - 'collective' household). So the average fee per household is the total fee amount. $31$ billion = $31000000000$. If we assume 1 household responsible for all, the average is $\$31000000000$.

Step2: Calculate number of cautious households for question 6

We use the percentage formula: Number of cautious households = Percentage×Total number of households. The percentage is $13\%=0.13$ and the total number of households is $131.3$ million = $131300000$. So the number of cautious households is $0.13\times131300000 = 17069000$.

Answer:

1. For question 5: $\$31000000000$
2. For question 6: $17069000$