Concept explainers
a.
To calculate: how much money must be spent on an artwork if the project is expected to cost $30,000,000.
a.
Answer to Problem 31E
The amount that must be spent on an artwork is $250,000.
Explanation of Solution
Given information: in New York’s percent of Art Programs, money is set aside for creating artwork at public building sites. The program requires that 1% of the first $20,000,000 of the cost of a building project and 0.5% of the remaining cost be spent on artwork.
Calculation:
It is provided that the expected cost of the artwork is $30,000,000
Calculate the cost of building project,
With the first $20,000,000, 1% is set aside for cost of building a project, then the remaining cost is,
The amount to be spent on the artwork from the remaining cost,
The amount that must be spent,
Hence, the amount that must be spent on an artwork is $250,000.
b.
To calculate: the percent of the yearly maximum amount is used by the two projects.
b.
Answer to Problem 31E
50.66% of the maximum amount has been spent on artwork for the two projects in 1 year.
Explanation of Solution
Given information: for each project, no more than $400,000 can be spent on artwork. The maximum amount that can be spent on artwork per year on projects in the city is $1,500,000. Suppose that in one year the city has a project that costs $50,000,000 and another project that costs $62,000,000.
For project that costs $50,000,000,
Calculate the cost of building project,
The remaining money after setting aside 1% of the first $20,000,000 is,
The money spent on artwork from the remaining cost,
Amount that must be spent on the artwork,
For project that costs $62,000,000,
Calculate the cost of building project,
The remaining money after setting aside 1% of the first $20,000,000 is,
The money spent on artwork from the remaining cost,
Amount that must be spent on the artwork,
The total money spent on the artwork in the two projects is,
Percent of maximum amount spent per year,
Hence, 50.66% of the maximum amount has been spent on artwork for the two projects in 1 year.
Chapter 7 Solutions
Holt Mcdougal Larson Pre-algebra: Student Edition 2012
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