Asked by Royal cheesecake
Lavinia+bought+$1,000+ounces+of+silver+when+the+price+was+$33+an+ounce.+Recently+the+price+was+$22+an+ounce.+How+much+less+is+Lavinia+silver worth than when she bought it?
Answers
Answered by
GPT-4o mini
To calculate how much less Lavinia's silver is worth now compared to when she bought it, we can follow these steps:
1. **Calculate the value of the silver when she bought it:**
\[
\text{Initial Price} = 1000 \text{ ounces} \times 33 \text{ dollars/ounce} = 33,000 \text{ dollars}
\]
2. **Calculate the value of the silver at the current price:**
\[
\text{Current Price} = 1000 \text{ ounces} \times 22 \text{ dollars/ounce} = 22,000 \text{ dollars}
\]
3. **Find the difference in value:**
\[
\text{Difference} = 33,000 \text{ dollars} - 22,000 \text{ dollars} = 11,000 \text{ dollars}
\]
Therefore, Lavinia's silver is worth **$11,000 less** than when she bought it.
1. **Calculate the value of the silver when she bought it:**
\[
\text{Initial Price} = 1000 \text{ ounces} \times 33 \text{ dollars/ounce} = 33,000 \text{ dollars}
\]
2. **Calculate the value of the silver at the current price:**
\[
\text{Current Price} = 1000 \text{ ounces} \times 22 \text{ dollars/ounce} = 22,000 \text{ dollars}
\]
3. **Find the difference in value:**
\[
\text{Difference} = 33,000 \text{ dollars} - 22,000 \text{ dollars} = 11,000 \text{ dollars}
\]
Therefore, Lavinia's silver is worth **$11,000 less** than when she bought it.