How much is time worth?
We planned a car trip but we hadn't filled our tank with gasoline. We were ready to go at 6:40 A.M. but our local gasoline outlet that offered gasoline at 121.9 cents/litre didn't open until 7:00 A.M.
We were in a hurry so we decided to fill up on the way. 55 km. later we filled up with 40 litres at 124.9 c/l.
We got to our destination 500 km. later and filled up at 123.9 c/l.
If our car used 7 litres/ 100 km what was the cost per minute for leaving early? (cents/minute)(to 3 decimal places)
The answer is 5.615.
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1 solution
If we waited and filled at the local outlet it would have taken less than 40 litres to fill.
40 - (55)(7/100) = 36.15 litres at 121.9 c/l = $44.06685
Then 555 km later it would have taken (555)(7/100) = 38.85 litres at 123.9 c/l = $48.13515. Total cost would have been $92.202 .
The actual cost was 40 l * 124.9 c/l = $49.96 plus (500)(7/100) = $43.365. Total actual cost = $93.325
The difference between the 2 is $1.123. Therefore cost/minute = 112.3 cents/ 20 minutes = 5.615