Chapter 4: Problem 5
In exercises \(1-8,\) determine the apportionment using a. Hamilton's Method b. Jefferson's Method c. Webster's Method d. Huntington-Hill Method e. Lowndes' method Three people invest in a treasure dive, each investing the amount listed below. The dive results in 36 gold coins. Apportion those coins to the investors. \(\begin{array}{ll}\text { Alice: } \$ 7,600 & \text { Ben: } \$ 5,900\end{array}\) Carlos: \(\$ 1,400\)
Short Answer
Step by step solution
Calculate Total Investment
Calculate Fair Share of Coins for Each Investor
Step 3a: Hamilton's Method
Step 3b: Jefferson's Method
Step 3c: Webster's Method
Step 3d: Huntington-Hill Method
Step 3e: Lowndes' Method
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Key Concepts
These are the key concepts you need to understand to accurately answer the question.
Hamilton's Method
To illustrate Hamilton's Method:
- First, calculate each person's fair share based on their proportion of the total contribution.
- Next, round these calculated shares down to get an initial distribution.
- Then, distribute any remaining items, one by one, to those with the largest decimal remainders from their original fair shares.
Jefferson's Method
The process involves:
- Calculating each person's initial fair share using a trial divisor that is slightly less than the standard divisor (total amount divided by items to allocate).
- Iteratively adjusting the divisor downward and recalculating the shares, ensuring that each share is rounded down.
- Stopping when the total sum of these adjusted shares reaches the exact total number of items.
Webster's Method
Here’s how Webster's Method works:
- After calculating each person’s fair share, apply standard mathematical rounding (rounding halves upwards).
- Test alternative divisors similar to Jefferson’s Method if initial results don't sum to the total items, adjusting the fair shares as needed.
Huntington-Hill Method
The process is as follows:
- Calculate each person's fair share as usual.
- Compute the geometric mean of numbers involved (like integers) to better balance the allocation when rounding.
- Iteratively adjust as necessary to meet the total exactly.
Lowndes' Method
Key steps include:
- Initially allocate shares using Hamilton’s largest remainder method.
- Adjust based on how significant the remainder is relative to the initial shares, which involves a unique assessment of individual remainder importance.
- Modify the outcome for typically smallest contributions receiving an extra based on this factor analysis.