A jeweler buys gold jewelry and resells the gold to a refinery. The jeweler buys gold for $1,235.55 per ounce, and then resells it for $1,376.44 per ounce. How much profit does the jeweler make from buying and reselling 73.5 ounces of gold? Please help answer question thanks
Is the answer 10,355.415
73.5(1376.44 - 1235.55) = ?
Correct.
yesssss
To calculate the profit made by the jeweler from buying and reselling 73.5 ounces of gold, you need to subtract the total cost of buying the gold from the total revenue generated by reselling it.
Step 1: Calculate the total cost of buying the gold.
The jeweler buys gold for $1,235.55 per ounce, so to find the total cost, multiply the cost per ounce by the number of ounces:
Total cost of buying = $1,235.55 per ounce * 73.5 ounces
Step 2: Calculate the total revenue generated by reselling the gold.
The jeweler resells the gold for $1,376.44 per ounce, so to find the total revenue, multiply the selling price per ounce by the number of ounces:
Total revenue from reselling = $1,376.44 per ounce * 73.5 ounces
Step 3: Calculate the profit by subtracting the total cost from the total revenue.
Profit = Total revenue from reselling - Total cost of buying
Now, let's calculate the profit:
Total cost of buying = $1,235.55 per ounce * 73.5 ounces
Total cost of buying = $90,760.43
Total revenue from reselling = $1,376.44 per ounce * 73.5 ounces
Total revenue from reselling = $101,128.94
Profit = Total revenue from reselling - Total cost of buying
Profit = $101,128.94 - $90,760.43
Profit = $10,368.51
Therefore, the jeweler makes a profit of $10,368.51 from buying and reselling 73.5 ounces of gold.