• To calculate unit rates. • To convert from one system of units to another. • To use exchange rates. • To calculate value added tax (VAT). • To calculate income tax, PRSI and USC.
Financial Maths 1
11.1 Unit rates Y 1
ACTIVITY ACTION CTION
Working with unit rates
OBJECTIVE To understand the idea of solving problems by fi nding the unit value fi rst
Have you ever looked at two products side by side on a supermarket shelf and asked yourself which is better value? Crunchy Peanuts are priced at € 3·70 for 250 g. Beside them on the shelf are Munchy Peanuts priced at € 3·90 for 300 g. To decide which is the better value, you need to fi nd the price of each product per gram.
Crunchy 250 g costs 370 c
1 g costs 370 ____
250 c = 1·48 c Cost: 1·48 c/g Munchy 300 g costs 390 c
1 g costs 390 ____
300 c = 1·3 c Cost: 1·3 c/g
This is the unit rate for each product and compares like with like. The Munchy Peanuts are better value for money.
EXAMPLE 1
35 kg of coal is priced at € 17·15. How much will 80 kg of coal cost?
