   Chapter 5.II, Problem 26RE ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447

#### Solutions

Chapter
Section ### Contemporary Mathematics for Busin...

8th Edition
Robert Brechner + 1 other
ISBN: 9781305585447
Textbook Problem

# Use ratio and proportion to solve the following business situations.If auto insurance costs $6.52 per$1,000 of coverage, what is the cost to insure a car valued at $17,500? To determine To calculate: The cost to insure a car of value$17,500, if the auto insurance charges $6.52 per$1000 of the coverage.

Explanation

Given Information:

The auto insurance charges $6.52 per$1000 of coverage.

Formula used:

Cross multiplication method:

To solve the proportional problem by using cross multiplication, follow the steps as mentioned below.

Step 1: Represent the unknowns by a letter.

Step 2: Set the proportion with one ratio, expressed as a fraction on both side of the equal sign.

Step 3: Multiply numerator of the left side ratio with the denominatior of right side ratio and place the product on one side of the equal sign.

Step 4: Multiply denominatior of the left side ratio with the nominatior of right side ratio and place the product on other side of the equal sign.

The step 3 and 4 together is called as cross multiplication.

Step5: Solve for the unknown value.

Calculation:

Consider the auto insurance charges $6.52 per$1000 of coverage.

Suppose that X be the cost to insure a car of value $17,500. The proportion is$6.52 to $1,000 equals$X to \$17,500:

6.521000=X17,500

Apply cross multiplication, this gives,

6

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