Price of Gold. The price of gold (end-of-year closing price in dollars per troy ounce) is shown in the table below. Year 1986 1996 2006 2016 Price $391 $369 $636 $1152 The prices shown in the table are not adjusted for inflation. Revise the above table to express all prices in terms of 2016 dollars. If you bought 3 ounces of gold in 1986 and sold it in 1996, would you have seen a profit (adjusted for inflation)? Explain. If you bought 3 ounces of gold in 2006 and sold it in 2016, would you have seen a profit (adjusted for inflation)? Explain.
Unitary Method
The word “unitary” comes from the word “unit”, which means a single and complete entity. In this method, we find the value of a unit product from the given number of products, and then we solve for the other number of products.
Speed, Time, and Distance
Imagine you and 3 of your friends are planning to go to the playground at 6 in the evening. Your house is one mile away from the playground and one of your friends named Jim must start at 5 pm to reach the playground by walk. The other two friends are 3 miles away.
Profit and Loss
The amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item.
Units and Measurements
Measurements and comparisons are the foundation of science and engineering. We, therefore, need rules that tell us how things are measured and compared. For these measurements and comparisons, we perform certain experiments, and we will need the experiments to set up the devices.
Price of Gold. The price of gold (end-of-year closing price in dollars per troy ounce) is shown in the table below.
| Year | 1986 | 1996 | 2006 | 2016 |
|---|---|---|---|---|
| Price | $391 | $369 | $636 | $1152 |
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The prices shown in the table are not adjusted for inflation. Revise the above table to express all prices in terms of 2016 dollars.
-
If you bought 3 ounces of gold in 1986 and sold it in 1996, would you have seen a profit (adjusted for inflation)? Explain.
-
If you bought 3 ounces of gold in 2006 and sold it in 2016, would you have seen a profit (adjusted for inflation)? Explain.
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