I am trying to figure out how much 1.134 grams worth of gold will cost, if gold is at 380 dollars an ounce. I set up proportions like this:
380 doll./1.34 grams (how many grams are in an ounce) = BLANK/1.134 grams (mass of coins). I got $321.58. But this is incredibly unrealistic for gold to be $321.58 per gram. What did I do wrong?
My sources state that 1 oz. = 28.349 grams
I think gold, silver and jewels are sold by the troy ounce in which 12 troy ounces = 1 troy pound. The conversion is 31.1 grams = 1 troy oz.
380/oz x (1 oz/31.1 g) x (1.34 g) = ??
I note you used 1.134 grams one place and 1.34 another. I used 1.34. Change according to what is correct.
Based on your calculation setup, it seems like you made a small error in the conversion factor for the number of grams in an ounce. The correct conversion factor is not 1.34 grams in an ounce, but rather 31.34 grams in an ounce.
To calculate the cost of 1.134 grams of gold, you can use the following proportion:
$380/31.34 grams = X/1.134 grams
Now, cross-multiply and solve for X:
X = ($380 * 1.134 grams) / 31.34 grams
X ≈ $13.79
So, 1.134 grams of gold would cost approximately $13.79, given the price of gold at $380 per ounce.