This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.
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5 kgs
Step 1: Calculate the amount of beef the eighth person gets. The prizes form a geometric progression. The first term is . The common ratio is found by dividing the second term by the first term: The formula for the -th term of a geometric progression is . For the eighth person (): The eighth person gets of beef.
Step 2: Determine the total number of free prizes. We need to find the number of terms for which the prize amount is at least 1 kg (a reasonable minimum for a "prize"). To solve for , we take the logarithm base 3 of both sides: Using the change of base formula, : Since must be an integer, the maximum number of prizes is 9. There are free prizes altogether.
Step 3: Calculate the total beef (kgs) realized on 02/01/2025. First, calculate the total amount of beef given as prizes (), which is the sum of the first 9 terms of the geometric progression. The formula for the sum of a geometric series is . This amount () represents 80% of the total beef realized from slaughtered cows. Let be the total beef realized. The total beef realized on 02/01/2025 was .
Step 4: Calculate the total value of beef realized from the slaughtered cows on the new year. The total beef realized is (from Step 3). The cost per kilogram is 800 naira. Total value = Total beef Cost per kg The total value of beef realized was .
Step 5: Calculate the total value of beef realized as at 01/12/2025, assuming a 2% monthly inflation. The initial value (PV) on 02/01/2025 is (from Step 4). The monthly inflation rate is . The number of months () from 02/01/2025 to 01/12/2025 is 11 months (February, March, April, May, June, July, August, September, October, November, December). The future value (FV) with compound inflation is given by . The total value of beef realized as at 01/12/2025 would have been .
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Calculate the amount of beef the eighth person gets. The prizes form a geometric progression.
This mathematics problem involves applying core mathematical principles and formulas. Below you will find a complete step-by-step solution with detailed explanations for each step, helping you understand not just the answer but the method behind it.