Purchase Solution

Applied Algebra: Minting Pennies

Not what you're looking for?

Ask Custom Question

6. Owing to the rising cost of copper, in 1982, the US Mint changed the composition of pennies from 95% Copper + 5% Zinc to 2.5% Copper + 97.5% Zinc to save money in minting pennies. Your favourite aunt has a collection of 5,000 pennies minted prior to 1982 and she intends on gifting the collection to you.
(a) What is the collection's value based on metal content alone? Given: Copper sells for $3.50/pound, Zinc for $1/pound and about 130 pre-1982 pennies add up to 1 lb total mass.
(b) If it costs $0.017/penny in year 2007, is it time for eliminating pennies and round up transactions to the nearest nickel (5 cents)? What effect would this have on the economy? If you decide not to eliminate pennies what can you do to keep minting costs lower?

Purchase this Solution
Solution Summary

This solution provides the mathematical rational regarding whether minting pennies is worthwhile in today's economy.

Purchase this Solution
Free BrainMass Quizzes
Probability Quiz

Some questions on probability

Solving quadratic inequalities

This quiz test you on how well you are familiar with solving quadratic inequalities.

Graphs and Functions

This quiz helps you easily identify a function and test your understanding of ranges, domains , function inverses and transformations.

Multiplying Complex Numbers

This is a short quiz to check your understanding of multiplication of complex numbers in rectangular form.

Exponential Expressions

In this quiz, you will have a chance to practice basic terminology of exponential expressions and how to evaluate them.

View More Free Quizzes
Related BrainMass Solutions

  • Finding Confidence Intervals

    The solution finds the confidence intervals for minting quarters equipment. How the new equipment appears to be effective in reducing the variation of the weight is determined.

  • Arithmetic Terms of Sequences and Series

    Then place two pennies on the next square. Then place four pennies on the third square. Continue this until all 64 squares are covered with pennies." As he'd been saving pennies for over 25 years, Mr.

  • Measure the height of a stack of 50 pennies (in centimeters).

    The number of pennies to make a tower with 1 billion meters tall is 1,000,000,000 m * (50 pennies/ 0.0799 m) = 625,782,227,784 pennies or = 6.2578 E+11 pennies 50 pennies = 0.0799 m from above Measurements and conversions are investigated

  • Measurements and Conversions

    Measure the height of a stack of 50 pennies (in centimeters). 2.Convert the height of the stack of pennies into meters 3.Calculate how many pennies would be needed to make a tower 1 billion meters tall.

  • arithmetic sequence and geometric sequence

    Then place two pennies on the next square. Then place four pennies on the third square. Continue this until all 64 squares are covered with pennies." As he'd been saving pennies for over 25 years, Mr.

  • arithmetic sequence and geometric sequence

    Then place two pennies on the next square. Then place four pennies on the third square. Continue this until all 64 squares are covered with pennies." As he'd been saving pennies for over 25 years, Mr.

  • Pennies on a meter scale

    You note that the pennies near the pivot stay on the meter stick while the pennies near the released end are left behind.

  • Quadratic Formula

    x+5y=224 x=3y-40 3y-40+5y=224 8y-40=224 8y=264 y=33 x=59 Therefore, there are 59 pennies in the bank. Quadratic Formula is applied. The expert uses discriminant to determine the equations.

  • Statistics - Probability Distribution

    Create a bar chart to show results Part B Directions: Using 100 pennies, complete the following activities: 1. Group pennies by year 2. Regroup pennies into various classes by decades 3.

View More Related Solutions