Hops Elevator received 2,400 bushels of #2 yellow corn with moisture content of 21 percent from Ms. Wade. Hops Elevator is paying $6.75 per bushel for #2 yellow corn with 15.5 percent or less moisture. They will dock the price of the corn 2.2 percent for every percentage point over 15.5 percent moisture. Ms. Wade can dry the corn for $0.27 per bushel.
a. How much was the price docked?
b. How much will they pay Ms. Wade for the corn?
c. What would it cost Ms. Wade to dry the corn?
d. How much is the shrinkage?
a. $0.82/bu
b. $14,232
c. $648
d. 132 bu
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