a person takes 10k gold bracelet weighing 80g to a gold buyer. the gold buyer offers them $1000 cash. calculate the value of the bracelet and determine if the person is losing money. assume the gold price $1400/oz. what is the answer?
454g = 1 Lb. = 16 oz.
80g/454g * 16oz = 2.82 oz. of gold.
1400/oz * 2.82oz = $____ = value of bracelet.
To calculate the value of the bracelet and determine if the person is losing money, we need to follow these steps:
Step 1: Convert the weight of the bracelet from grams to ounces.
Since there are 28.35 grams in an ounce, we divide the weight of the bracelet (80 grams) by 28.35:
80 grams ÷ 28.35 grams/ounce = 2.82 ounces
Step 2: Calculate the value of the bracelet in ounces.
Multiply the weight of the bracelet in ounces (2.82) by the price of gold per ounce ($1400):
2.82 ounces × $1400/ounce = $3,948.00
Step 3: Compare the value of the bracelet to the cash offer.
The gold buyer offered $1000 cash for the bracelet, so we need to compare that to the calculated value of the bracelet ($3,948).
If the value of the bracelet is higher than the cash offer, the person is not losing money. However, if the value of the bracelet is lower than the cash offer, the person is losing money.
In this case, the value of the bracelet ($3,948) is significantly higher than the cash offer ($1000), so the person is indeed losing money by accepting the offer.