Owing to the rising cost of copper, in 1982 the U.S. Mint changed the composition of pennies
Question:
a. What is the collection's value based on metal content alone? Copper sells for $3.50 per pound and zinc for $1 per pound. It takes approximately 130 pre-1982 pennies to add up to one pound of total weight.
b. If it cost the U.S. Mint $0,017 to produce a penny in 2007, is it time to eliminate pennies and round off all financial transactions to the nearest 5 cents (nickel)? As a matter of interest, it cost the government almost 10 cents to produce a nickel in 2007.
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Related Book For
Engineering Economy
ISBN: 978-0132554909
15th edition
Authors: William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
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