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8 May, 06:05

Assume for this problem that the price of gold is $1,200 per troy ounce. If the price of silver is $20 per troy ounce, how many troy pounds of silver would it take to be worth as much as a single troy ounce of gold

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  1. 8 May, 06:29
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    3.75

    Explanation:

    Given;

    Price of gold = $1,200 per troy ounce

    Price of silver = $20 per troy ounce

    Therefore,

    1200/20 = 60 pieces of silver is worth one troy ounce of gold but;

    1 ounce = 0.0625 pounds

    60 ounces = 60 * 0.0625

    = 3.75

    Therefore a 3.75 pounds of silver is worth single troy ounce of gold.
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