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A goldsmith has $2 million of gold in his vaults. He issues $5 million in gold receipts. His gold holdings are what fraction of the paper money (gold receipts) he has issued? LO33.1 a. 1/10. b. 1/5. c. 2/5. d. 5/5.

Answer :

he has 2 million gold holding
He has 5 million of paper money

the fraction = gold holding/paper money

                     = 2 million / 5 million
                     = 2/5

so the answer is C. 2/5

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