The cost of metal content of pennies

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The composition of pennies is 95% copper and 5% zinc. Coper sells for $3.50 per pound and zinc for $1.00 per pound. It takes approximately 130 pennies to add up to the one pound of total weight. It cost the U.S. Mint $2 to produce 100 pennies. The U.S. Mint make 7,000,000,000 pennies each year.

a. The cost of metal content of pennies made by the U.S. Mint in a year is: (Round to the nearest dollar).

b. The total cost (metal content plus production) of a penny is of pennies made by the U.S. Mint in a year is: (Round to the nearest dollar.)

Reference no: EM13734235

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