Question

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 1

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.