Question

It has been estimated that 8.0 x 10^4 tons of gold (Au) have been mined. Assume gold costs $1350 per troy ounce. What is the total worth of this quantity of gold? (1 troy ounce =31.103 g)

Answer 1

`\$ 3.14* 10^(12)` is the total worth of this quantity of gold.

Step-by-step explanation:

Estimated mass of gold =M =
`8.0* 10^4 tons`

1 troy ounce = 31.103 g

1 ton = 907185 g

1 g=
`(1)/(907185) ton`

`31.103 g= 31.103* (1)/(907185) ton=3.4285* 10^(-5) ton`

1 troy ounce =
`3.4285* 10^(-5)ton`

`1 ton = (1)/(3.4285* 10^(-5))\text{troy ounce}`

`=2.9167* 10^4 \text{troy ounce}`

M =
`8.0* 10^4 tons=8.0* 10^4* 2.9167* 10^4 \text{troy ounce}`

M =
`2.333* 10^(9)` troy ounces

Cost of 1 troy ounce gold = $1350

Cost of
`2.333* 10^(9)` troy ounces of gold =

`\$1350* 2.333* 10^(9) =\$ 3.14* 10^(12)`