Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Spending for goods and services in 2013 by general purpose-type credit, debit, and prepaid cards issued in the United States reached $4.530 trillion. Market share

Spending for goods and services in 2013 by general purpose-type credit, debit, and prepaid cards issued in the United States reached $4.530 trillion. Market share is shown for credit, debit, and prepaid.

  1. Credit Purchase Volume $2.399 Tril.
  2. Debit Purchase Volume $1.949 Tril.
  3. Prepaid Purchase Volume $0.182 Tril.

The Boston Globe reported that "merchants in the United States spent $71.7 billion on fees (for these transactions) last year."

(A) What is the average merchant fee, as a percentage?

(B)Make sense of the $4.530 Trillion total: Think about it in units like dollars per person per day, dollars per transaction.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Numerical Analysis

Authors: Richard L. Burden, J. Douglas Faires

9th edition

538733519, 978-1133169338, 1133169333, 978-0538733519

More Books

Students also viewed these Mathematics questions

Question

Describe Balor method and give the chemical reaction.

Answered: 1 week ago

Question

How to prepare washing soda from common salt?

Answered: 1 week ago

Question

Explain strong and weak atoms with examples.

Answered: 1 week ago