if the fdic charges bank e 2.4 cents per 100 dollars insured, how much must bank e pay to insure $4.8…

Answer:

A. $1,152

Explanation:

Step1: Convert 4.8 million to number

$4.8\times10^{6}$

Step2: Set up proportion

Let $x$ be the amount Bank E pays. The proportion is $\frac{2.4}{100}=\frac{x}{4.8\times 10^{6}}$.

Step3: Cross - multiply

$100x = 2.4\times4.8\times 10^{6}$.

Step4: Calculate right - hand side

$2.4\times4.8\times 10^{6}=11.52\times 10^{6}=11520000$.

Step5: Solve for $x$

$x=\frac{11520000}{100}=115200$ cents.

Step6: Convert cents to dollars

Since 1 dollar = 100 cents, $x = \frac{115200}{100}=1152$ dollars.