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Chapter 2: Problem 52

Economics Tell how much change you would get if you paid for each item with a \(\$ 5\) bill. a magazine for \(\$ 3.98\)

Short Answer

Expert verified
\$1.02

Step by step solution

01

Identify the total payment

Determine the total amount paid, which in this case is \(\$ 5\).
02

Identify the cost of the item

Determine the cost of the magazine, which is \(\$ 3.98\).
03

Subtract the cost from the payment

Subtract the cost of the magazine (\(\$ 3.98\)) from the total payment (\(\$ 5.00\)) to find the change. \[\$ 5.00 - \$ 3.98 = \$ 1.02\]

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Key Concepts

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

subtraction
Subtraction is a fundamental concept in mathematics where you take one number away from another. In this exercise, we subtract the cost of the magazine from the total amount paid. This helps us determine how much change we should receive.

The operation used here is simple: \(5.00 - 3.98\). When performing this subtraction, it's helpful to align the numbers by their decimal points. This alignment ensures accuracy, making it easier to perform the operation correctly.

If you struggle with manual subtraction, especially with decimals, you can also use a calculator to assist you. Ultimately, subtraction is about understanding
money calculations
Money calculations involve understanding and applying arithmetic operations like addition, subtraction, multiplication, and division with monetary values. In this problem, you must subtract the cost of the item from the amount paid. This exact process allows you to find out how much change is due.

When dealing with money, it's important to pay close attention to the cents (the numbers after the decimal point). Incorrectly calculating these could result in errors and give you the wrong amount of change. Practicing with real-life examples, like this magazine purchase, helps build your confidence and improves your precision with money calculations.
real-life math applications
Real-life math applications are essential for understanding how math applies in everyday situations. One of the most common scenarios is making purchases and dealing with change. Whether you're buying a magazine, a cup of coffee, or groceries, the principle remains the same.

By practicing these types of math problems, you not only improve your arithmetic skills but also prepare yourself for real-world scenarios. This exercise demonstrates how basic math skills ensure you receive the correct change and manage your money effectively.
basic arithmetic
Basic arithmetic includes the simple operations of addition, subtraction, multiplication, and division. These are the foundational skills required for nearly all math problems, including this one where you need to calculate change.

In this example, you primarily use subtraction (one of the four basic arithmetic operations). Mastering basic arithmetic will aid you in countless everyday activities, such as balancing a checkbook, calculating a budget, or even figuring out discounts during sales. Understanding and practicing basic arithmetic is crucial for building strong mathematical literacy and confidence.

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