Question

In 2001, gold was priced at (0.5x + 300) dollars per ounce. Its price tripled in 2008 and then doubled in 2011. In 2016, its price dropped to 2 3of the price in 2011.• Write an expression for the price of gold per ounce in 2016.• Explain how you found the expression. Write your expression and explanation in the space below

Answer 1

Given:

Price of  gold in 2001 = (0.5x+300)

Its price tripled in 2008 and then doubled in 2011. In 2016, its price dropped to $\dfrac{2}{3}$ of the price in 2011.

To find:

An expression for the price of gold per ounce in 2016.

Solution:

We have,

Price of  gold in 2001 $= (0.5x+300)$

Its price tripled in 2008.

Price of  gold in 2008 $= 3(0.5x+300)$

Then doubled in 2011.

Price of  gold in 2011 $= 2\times 3(0.5x+300)$

In 2016, its price dropped to $\dfrac{2}{3}$ of the price in 2011.

Price of  gold in 2016 $=\dfrac{2}{3}\times 2\times 3(0.5x+300)$

                                    $=2\times 2(0.5x+300)$

                                    $=4(0.5x+300)$

                                    $=4(0.5x)+4(300)$

                                    $=2x+1200$

Therefore, the required expression for the price of gold per ounce is (2x+1200).