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Chapter 2: Problem 6

Answer each question. What is the monetary value of 283 nickels?

Short Answer

Expert verified
14.15 dollars

Step by step solution

01

Identify the Value of a Nickel

A single nickel is worth 5 cents.
02

Determine the Total Cents

Multiply the number of nickels (283) by the value of one nickel (5 cents). This gives us the total amount in cents: \[ 283 \times 5 = 1415 \text{ cents} \]
03

Convert Cents to Dollars

Since there are 100 cents in a dollar, divide the total cents by 100 to convert to dollars: \[ \frac{1415}{100} = 14.15 \text{ dollars} \]

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Key Concepts

These are the key concepts you need to understand to accurately answer the question.

value of a nickel
Coins are an important part of our monetary system, and knowing their values is essential. A nickel is a type of coin in the United States currency.
One nickel is worth 5 cents. This means if you have 1 nickel, you actually have 5 cents.
Understanding this helps us calculate the value of multiple nickels. For example, if you have 2 nickels, you have 2 times 5 cents, which is 10 cents.
Mastering the value of a nickel makes it easier to do more complex calculations with coins.
multiplication for total cents
To determine how much money you have in cents when you have many nickels, you need to use multiplication.
Suppose you have 283 nickels. Each nickel is worth 5 cents, so we multiply the number of nickels by 5. This can be expressed as:












Remember, anytime you want to find the total value of many items, you multiply the number of items by the value of each item.
conversion of cents to dollars
Lastly, to make our amount easier to understand or use, we often convert cents into dollars.
We know that there are 100 cents in a dollar. So, to convert cents to dollars, divide the total number of cents by 100.
In our case, we had 1415 cents. To convert this amount into dollars, we do the following calculation:

\(\frac{1415}{100} = 14.15 \text{ dollars}\)
Converting to dollars is especially useful for larger sums of money, as it鈥檚 a more standard and user-friendly way of handling money.

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