The composition of pennies is 95 copper and 5 zinc Copper se

The composition of pennies is 95% copper and 5% zinc. Copper sells for $1.00 per pound and zinc for $3.50 per pound. It takes appreoximately 130 pennies to add up to one pound of total weight. It costs the us mint $1 dollar to produce 100 pennies. The us mint makes 6,000,000,000 pennies each year. A) Cost of metal content of pennies made by the us mint in a year? B) total cost (metal plus production) of a penny is of pennies made by the us min in a year is? (akward wording) my answers of 51,923,100 for A and 111,923,100 for B are incorrect.

Solution

As given, to produce 100 pennis costs $1 to US mint.

US Mint produces total pennis made= 6,000,000,000

total cost to US Mints to produce 6,000,000,000 pennis = 6000000000/100= $ 60000000.

Tota weight of metal used in 6,000,000,000= 6,000,000,000/130=46153846.15 pound

Cost of 1 pound of composition is $1.125

Sol A: Total weight of Metal * cost of 1 pound = $ 51.923,077

Sol B: Total cost of Production and metal = $ 51.923,077 + $ 60,000.000= $ 111,923,076.92