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
Answer:
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.
