Question

028)

the cost to insure jewellery is a fixed amount plus a percentage of the value of the jewellery. it costs 32$ to insure 1000$ worth of jewellery or 44.5$ to insure 3500$ worth of jewellry.what is the fixed amount to insure jewellery?

i wrote jewellery so much it isnt a word anymore send help ( explanatio ) asap!

Answer 1

The fixed cost to insure jewellery is $0.602.

Explanation:

We can use the information provided to set up a system of two equations in two variables, and then use the system to solve for the fixed cost of insuring the jewellery. Let x be the fixed cost and y be the percentage of the value of the jewellery. Then we can write the following two equations:

1000x + 1000y = 32 (1) (cost equation for insuring $1000 worth of jewellery)

3500x + 3500y = 44.5 (2) (cost equation for insuring $3500 worth of jewellery)

We can use either of these equation to solve for the fixed cost(x), to do that we can first solve for y from either of the equation, and then substitute it in other equation.

From equation (1)

y = (32 - 1000x) / 1000

then substitute this in equation (2)

3500x + 3500((32-1000x) / 1000) = 44.5

3500x + 32 - 3500x =44.5 - (1000x)

-20x = -12.05

x = 0.602 $

So, the fixed cost to insure jewellery is $0.602.

That means you have to pay $0.602 as a fixed cost, in addition to 0.01(y) as a percentage of the value of jewellery to insure it.