The inhabitants of a small island begin exporting beautiful clothmade from a rare plant that grows only on their island. Seeing howpopular the small quantity that they export has been, they steadilyraise their prices. A clothing maker from New York, thinking thathe can save money by "cutting out the middleman," decides to travelto the small island and buy the cloth himself. Ignorant of thelocal custom of offering strangers outrageous prices and thennegotiating down, the clothing maker accepts (much to everyone'ssurprise) the initial price of 400 tepizes/m^2. The price of thiscloth in New York is 120 dollars/yard^2.If the clothing maker bought 500m^2 of this fabric, how muchmoney did he lose? Use = 0.625Express your answer in dollars tothree significant figures.

Lost Money = $ 53200

Explanation:

First, we calculate the selling price of the cloth:

Selling Price = (Area of Bought Fabric)(Unit Price in America)

Selling Price = (500 m²)($ 120/yard²)(1 yard/0.9144 m)²

Selling Price = $ 71759.4

Now, we calculate the amount that the cloth maker paid (cost) for buying the fabric from America:

Cost = (Area of Fabric Bought)(Unit Selling Price)

Cost = (500 m²)(400 tepizes/ m²)($ 0.625/1 tepize)

Cost = $ 125000

Hence, the money lost is given as:

Lost Money = Cost - Selling Price

Lost Money = $ 125000 - $ 71759.4

Lost Money = $ 53240

Rounding off to 3 significant figures, we get:

Lost Money = $ 53200

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