Devan is a sculptor and needs to rent studio space to work. They found a great spot, but it costs $30.75 per hour. Last month they logged 82.5 hours in the studio. A donor gave them $2,500 to put toward this expense. Is it enough money? If so, how much is left? If not, how much more do they need to cover the bill? Round to the nearest cent.(1 point)
Responses
To find out if the money is enough or not, we need to calculate the total cost of renting the studio space for 82.5 hours.
Total cost = hourly rate * number of hours
Total cost = $30.75 * 82.5
Total cost = $2536.875
So, the cost of renting the studio space for 82.5 hours is $2536.875.
Since the donor gave $2500, we can check if this is enough or not.
If $2500 >= $2536.875, then it is enough money.
$2500 >= $2536.875 is not true.
Therefore, it is not enough money.
To find out how much more they need to cover the bill, we can subtract the money donated from the total cost.
Amount needed = total cost - money donated
Amount needed = $2536.875 - $2500
Amount needed = $36.875
So, they need an additional $36.875 to cover the bill.
To find out if the $2,500 donation is enough to cover the studio expenses, we can multiply the hourly rate by the number of hours Devan spent in the studio last month.
Total cost of studio: $30.75 per hour x 82.5 hours = $2,538.75
Comparing this amount with the $2,500 donation, we can determine if there is enough money.
Since $2,538.75 is greater than $2,500, the donation is not enough to cover the studio expenses.
To find out how much more money Devan needs to cover the bill, we can subtract the amount of the donation from the total cost of the studio.
Amount left to cover: $2,538.75 - $2,500 = $38.75
Therefore, Devan needs an additional $38.75 to cover the bill.
To determine if the money is enough to cover the studio rental expense, we need to calculate the total cost of the studio space and compare it to the amount donated.
First, let's find the total cost of the studio space for last month. We multiply the hourly rate of $30.75 by the number of hours Devan logged, which is 82.5 hours:
Total cost = $30.75/hour * 82.5 hours
Total cost = $2536.875
Now we need to compare the total cost to the amount donated. The donor gave Devan $2,500 towards the studio expense.
If the total cost is less than or equal to the amount donated, it means there is enough money to cover the expense.
If the total cost is greater than the amount donated, it means there is not enough money to cover the expense, and we need to calculate the shortfall.
In this case, since the total cost ($2536.875) is greater than the amount donated ($2500), we need to calculate the shortfall.
Shortfall = Total cost - Amount donated
Shortfall = $2536.875 - $2500
Shortfall = $36.875
Therefore, Devan needs an additional $36.875 to cover the bill.
Note: Due to rounding, it is advised to keep track of the exact amounts during financial calculations.