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If a bank has 222222 million dollars in expenses and an efficiency ratio of 7575, what is its revenue in millions of dollars?

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Full solution

Q. If a bank has 222222 million dollars in expenses and an efficiency ratio of 7575, what is its revenue in millions of dollars?
  1. Question Prompt: The question_prompt: What is the bank's revenue in millions of dollars if it has 222222 million dollars in expenses and an efficiency ratio of 7575?
  2. Efficiency Ratio Calculation: The efficiency ratio is calculated as (Expenses/Revenue)×100(\text{Expenses} / \text{Revenue}) \times 100. We are given the efficiency ratio as 7575, which means (Expenses/Revenue)×100=75(\text{Expenses} / \text{Revenue}) \times 100 = 75.
  3. Finding Revenue Formula: To find the Revenue, we need to rearrange the formula to solve for Revenue. The formula becomes Revenue=Expenses(Efficiency Ratio/100)\text{Revenue} = \frac{\text{Expenses}}{(\text{Efficiency Ratio} / 100)}.
  4. Substitute Given Values: Substitute the given values into the formula: Revenue=222 million dollars75100\text{Revenue} = \frac{222 \text{ million dollars}}{\frac{75}{100}}.
  5. Calculate Revenue: Calculate the Revenue: Revenue=2220.75\text{Revenue} = \frac{222}{0.75}.
  6. Division Calculation: Perform the division to find the Revenue: Revenue=296 million dollars.\text{Revenue} = 296 \text{ million dollars}.
  7. Check for Errors: Check the calculation for any mathematical errors: 222/0.75=296222 / 0.75 = 296. There are no mathematical errors in the calculation.

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