Question

All the gold ever mined would fill a cube measuring 60.0 feet on a side. Gold futures sold today on the New York Stock Exchange for $1213.00 per ounce. If there are exactly 16 ounces in a pound and the density of gold is 19.33 grams per cubic centimeter, what is the value of all the gold ever mined?

Answer 1

Answer on Question #47593 - Chemistry – Other

Question

All the gold ever mined would fill a cube measuring 60.0 feet on a side. Gold futures sold today on the New York Stock Exchange for $1213.00 per ounce. If there are exactly 16 ounces in a pound and the density of gold is 19.33 grams per cubic centimeter, what is the value of all the gold ever mined?

Answer:

1 foot = 30.48 centimeters, so 60 feet = 60 · $\frac{30.48 \text{ cm}}{1 \text{ foot}}$ = 1828.8 cm

The volume of all the gold ever mined is:

$$V(Au) = 1828.8^3 = 6116438864 \text{ cm}^3$$

The mass of all the gold ever mined is:

$$m(Au) = \rho V = 19.33 \cdot 6116438864 = 118230763239 \text{ g} = 118230763.239 \text{ kg}$$

1 pound = 0.454 kilograms, so 118230763.239 kg = 118230763.239 kg $\cdot \frac{1 \text{ lb}}{0.454 \text{ kg}} = 260420183345 \text{ lbs}$

1 pound = 16 ounces, so 260420183345 lbs = 260420183345 lbs $\cdot \frac{16 \text{ ounces}}{1 \text{ lb}} = 4166722933521 \text{ ounces}$

1 ounce of gold costs $1213.00, so 4166722933521 ounces of the gold (all the gold ever mined) cost: 4166722933521 ounces$\cdot \frac{1213.00}{1 \text{ ounce}} = 5054234918360974 = 5.054 \text{ quadrillions}$

Answer: $5054234918360974, or $5.054 quadrillions.

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