1. Hops Elevator received three loads of corn: 920 bushels with
20 percent moisture, 755 bushels with 18.5 percent moisture, and
890 bushels with 22.5 percent moisture. The elevator is paying
$5.70 per bushel for corn with 15 percent moisture or less. The
elevator will dock the price of the corn 1.65 percent for each
0.5 percentage point over 15 percent moisture. One bushel of dry
corn (15 percent moisture) equals 56 pounds.
a. What will Hops Elevator pay for the 920 bushels?
b. What will Hops pay for the 755 bushels?
c. What will Hops pay for the 890 bushels?
d. How many bushels of dry corn will the elevator actually buy?
(Note: Do not forget the shrinkage.)