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?

Answer 1

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.