Operations
As the term suggests, operations with money involve the different types of operations performed with money.
There are four main operations that can be performed with money and they are:
- Addition: The process of adding two or more numbers or taking the sum of two or more given sums of money.
- Subtraction: The process of subtracting a certain amount from another amount, or calculating the difference between two amounts of money.
- Multiplication: A process involving repeated addition of the same amount of money.
- Division: The process of distributing a sum of money into equal parts.
Let’s understand these operations with the help of some examples:
Addition Operation with Money
You have a bill of $1 and 12 cents, and your friend has 90 cents. How much money do you and your friend have in total?
Solution:
From the standard conversion of dollars into cents, we know that
$1=100 cents
Thus, the total amount you and your friend have in total is:
(112 + 90) Cents
= 202 Cents (Add)
202 Cents = 200 Cents + 2 Cents ($1 = 100 Cents)
$2 and 2 cents or $2.02
Subtraction Operation with Money
Example 1: John buys a can of soda for $1.20. If he gives the shopkeeper a bill of $5, how much money will the shopkeeper return?
Solution:
The amount that he will receive from the shopkeeper can be calculated by subtraction.
$5.0 – $1.2 (Subtract)
= $3.8 or $3 & 80 Cents. ($1 = 100 Cents)
Hence, the shopkeeper will return $3 and 80 Cents to John.
Multiplication Operation with Money
Example 2:
Robert and Mary each have $5. How much money do they have in total?
Solution:
Robert = $5
Mary = $5
The total amount of money they have = 2 × $5
= $10 (Multiply)
Hence, Robert and Mary have $10 in total.
Division Operation with Money
Example 3: You have $30 and you want to share it with three of your friends equally. How much money will each of your friends get?
Solution:
Since $30 need to be distributed equally among three people, each person will get an amount of,
= $\(\frac{30}{3}\)
= $10 (Divide)
Hence, each friend will get $10.
Example 4:
You buy a pencil that costs $0.8 and a notebook worth $2.4. You give the cashier a $5 bill. What is your change?
Solution:
Total amount spent = $(0.8 + 2.4)
= $3.2 (Add)
The change you will get from the cashier will be:
= $(5-3.2)
= $1.8 (Subtract)
Hence, you will get a change of $1.8 from the cashier.
We know that,
$1 = 4 quarters
And $1 = 10 dimes
Then, the total amount of money Noah has will be:
= $\(\left(\frac{12}{24}\right)\) + $\(\left(\frac{20}{10}\right)\)
=$(3 + 2) (Divide)
=$5 (Add)
Answer: $5
There are four smaller units for the United States dollar:
- Cents or penny
- Nickel
- Dime
- Quarter