Final answer:
To find out how many milligrams of gold you can buy for one cent, you need to calculate the price per milligram of gold. Given that gold is selling at $1700 per ounce and there are 16 ounces in a pound, you can determine the price per gram and then the price per milligram. For one cent, you can buy 2.78 milligrams of gold.
Step-by-step explanation:
To find out how many milligrams of gold you can buy for one cent, we need to calculate the price per milligram of gold.
Given that gold is selling at $1700 per ounce and there are 16 ounces in a pound, we can divide the price per ounce by 16 to get the price per pound: $1700 / 16 = $106.25 per pound.
Since 454g = 1 lb, we can convert the price per pound to price per gram: $106.25 / 454 = $0.234 per gram.
Finally, since there are 1000 milligrams in a gram, we can multiply the price per gram by 1000 to get the price per milligram: $0.234 * 1000 = $234 per milligram.
Therefore, for one cent, you can buy $0.01 / $234 = 0.00004274 milligrams of gold. Rounded to 3 significant figures, the answer is A) 2.78 mg.