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Chapter 3: Problem 22

The table above shows the relative investment in alternative energy sources in the United States by type. One column shows the relative investment in 2007 of $$\$75$$ million total invested in alternative energy. The other column shows the projected relative investment in 2017 given current trends. The total projected investment in alternative energy in 2017 is $$\$ 254$$ million. Suppose that a new source of alternative energy, Cold Fusion, is perfected. It is projected that by 2017 that $$\$ 57$$ million will be invested in Cold Fusion in the United States, without any corresponding reduction in investment for any other form of alternative energy. What portion of the total investment of alternative energy in the United States will be spent on biofuels? A) \(0.18\) B) \(0.22\) C) \(0.28\)

Short Answer

Expert verified
The portion of the total investment in alternative energy spent on biofuels in the United States in 2017 can be calculated using the formula: \(\frac{0.35* 254}{311} \approx 0.2849\). The closest option to the calculated value is 0.28, which is answer choice (C).

Step by step solution

01

Incorporate the Investment in Cold Fusion

First, we need to find the new projected total investment in alternative energy for 2017, including the investment in Cold Fusion. The original projected total investment for 2017 is \$254 million and an additional \$57 million will be invested in Cold Fusion. Therefore, the projected total investment in alternative energy in 2017 after incorporating Cold Fusion can be calculated using the following: Projected total investment in alternative energy in 2017 (without Cold Fusion) + Investment in Cold Fusion \[ 254 + 57\]
02

Calculate Projected Biofuels Investment

Next, we need to find the projected investment for biofuels in 2017. From the table, we know that biofuels account for a relative investment of 0.35 in 2017. To find the actual investment in biofuels for 2017, we will use the following formula: Projected Investment in biofuels = 0.35 * (Projected total investment in alternative energy in 2017 without Cold Fusion) \[ 0.35 * 254 \]
03

Calculate Portion of Total Investment for Biofuels

Now, we will calculate the portion of the total investment spent on biofuels by dividing the projected investment in biofuels by the new total investment in alternative energy (including Cold Fusion): Portion of total investment for biofuels = Projected Investment in biofuels / New total investment in alternative energy \[ \frac{0.35* 254}{254 + 57} \]
04

Simplify and find the answer

Finally, we will simplify the expression in step 3 and find the final answer from the given options. \[ \frac{0.35* 254}{311} \approx 0.2849 \] The closest option to the calculated value is 0.28, which is answer choice (C).

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