Gold has sold for $523/ounce. How many milligrams of gold could you buy for one cent( 16.0 ounce = 454 grams)
(454g/16oz)(oz/$523)($/100¢) = _____ g/¢
I might point out that the question is somewhat misleading as gold is sold by the troy ounce and not the avoirdupois ounce. There are 31.103 grams in 1 troy ounce.
To find out how many milligrams of gold you can buy for one cent, we need to determine the cost per milligram of gold first.
Given:
- The price of gold is $523 per ounce.
- 16.0 ounces are equal to 454 grams.
To find the price per gram, we can use the conversion factor:
1 ounce = 28.3495 grams
So, the price of gold per gram is calculated as follows:
Price per gram = Price per ounce / (16.0 ounces / 454 grams)
= $523 / (16.0 / 454)
= $523 / 28.375
= $18.4178 per gram
Next, to determine the price per milligram of gold, we need to divide the price per gram by 1,000:
Price per milligram = Price per gram / 1,000
= $18.4178 / 1,000
= $0.0184178 per milligram
Now, to find out how many milligrams of gold you can buy for one cent, we divide the value of one cent by the price per milligram:
Milligrams of gold per cent = 1 cent / Price per milligram
= 1 cent / $0.0184178
≈ 54.3 milligrams
Therefore, you can buy approximately 54.3 milligrams of gold for one cent.