Why do I feel Like I am having a discussion with chat GPT?
IF the GAIN is a hard fact, how can it be different, 20.68x is 20.68x is it not?
By definition, Gain is the difference between the input and output and takes into consideration the turns ratio, source and load impedances. It is important to realize the source and load impedances are external circuit variables and not something that can be calculated.
The source Z is the cartridge internal impedance and the Load Z is typically the 47kΩ input impedance of the phono stage. It should also be noted that that just because 47kΩ number is the accepted default for MM cartridges, it is not by any means required or mandatory for SUT usage.
dave

