I transferred $1.50 to a friend on paypal. The friend was charged a $.34 cent fee and received only $1.16. How much of a percentage was the friend charged to receive the transfer?
I have tried doing: (100 * .34) / 1.50 = 22.66
and
(1.16/1.50) * 100 = 77.33
He was charged $.34, but received $1.16. Read the question carefully.
I hope this helps. Thanks for asking.
To calculate the percentage charged for the transaction, we need to use the formula:
(Charge / Amount Sent) * 100
In this case, the charge is $0.34 and the amount sent is $1.50. Plugging those values into the formula:
(0.34 / 1.50) * 100 = 22.67
So, the friend was charged approximately 22.67%.
Your first attempt at calculating the percentage was correct, but you rounded it to two decimal places, which resulted in 22.66. The correct answer would be rounded to two decimal places as 22.67.
Your second attempt miscalculated the percentage by dividing the received amount by the amount sent instead of calculating the fee charged.