Please solve

Question

Assume gold cost about 1350 per oz.  in the entire world therE are only 85 million kg of gold that have been mined. Calculate the net worth of all gold (1 oz= 28.4g) 

Answer 1

Hi Tina,

 

I am also from Spring if you ever need a tutor. 

 

This is a fairly easy problem now that you have the correct conversion.  You can use it to correct your teacher if you like. 

 

So if gold is $1,350 per troy ounce then we can convert to $ per gram.

 

$1350/oz/31.1 g/oz =  $43.41/g

 

Now we can convert to $/kg

 

$43.41/g × 1000 kg/g = $43,410 /kg

 

The problem stayed that there are 85,000,000 kg of gold in the world.  So

 

85M × $43,410 = $3.690T worth of Au

 

Always match the units and you will find these kind of problems much easier.

 

Sincerely, 

 

Ralph K.