An Enterprising Student Bought 3 Ounces of Gold at $1,640

question 7

Short Answer

An enterprising student bought 3 ounces of gold at $1,640 per ounce. He then resold it for $80 per gram. How much profit did he make? Round to the nearest cent.​

---

Definitions:

Real Wages

Wages adjusted for inflation, representing the purchasing power of wages in terms of goods and services, unlike nominal wages which are not adjusted for inflation.

Unemployment

The situation in which individuals who are capable of working and are actively seeking work but are unable to find a job.

Expected

Something considered likely or anticipated to happen or become a reality in the future.

Potential GDP

The highest level of real GDP that can be sustained over the long term without increasing inflation, assuming full employment of resources.