Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized for You
we will pick new questions that match your level based on your Timer History
Track Your Progress
every week, we’ll send you an estimated GRE score based on your performance
Practice Pays
we will pick new questions that match your level based on your Timer History
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Thank you for using the timer!
We noticed you are actually not timing your practice. Click the START button first next time you use the timer.
There are many benefits to timing your practice, including:
Your score will improve and your results will be more realistic
Is there something wrong with our timer?Let us know!
A gold Australian Kangaroo coin contains 1 troy ounce of gol
[#permalink]
10 May 2020, 13:21
Expert Reply
1
Bookmarks
00:00
Question Stats:
75% (02:14) correct
24% (02:51) wrong based on 73 sessions
HideShow
timer Statistics
A gold Australian Kangaroo coin contains 1 troy ounce of gold and has a face value of 100 Australian dollars. The intrinsic value of a coin depends solely on the current price of the precious metal within the coin, and can differ from the face value of the coin itself. At a certain time, the price of gold was 1775.30 U.S. dollars per troy ounce and an Australian dollar was equal to 1.016 U.S. dollars. What was the ratio of the intrinsic value to the face value of the Australian Kangaroo coin?
Re: A gold Australian Kangaroo coin contains 1 troy ounce of gol
[#permalink]
10 May 2020, 22:10
3
Price of 100 Australian dollar in USD is 100*1.016= 101.6. It is given that value of coin depends on the precious metal inside the coin and not on the face value. Thus, gold price in USD is 1775.3 and hence, the ration is 1775.3 / 101.6 = 17.473.