Search 75,471 tutors
FIND TUTORS
Ask a question
0 0

how do you multiply money

how do you multiply money

Comments

Always remember that when you multiply a numbers with decimals, always count the number of digits that are in back of the decimal and move the decimal point to the left that many digits after you have your product. For instance 0.07 x 0.3 = 0.021. We know that the product of 7 x 3 = 21. Because there are three digits behind (to the right) of the decimal point, we must move the decimal point three places to the left of the product.

If we move the decimal one place, we get 2.1

If we move the decimal two places, we get .21

When we move it three places, we get .021

Tutors, please sign in to answer this question.

2 Answers

You multiply money the same way you multiply any decimal number. For example, if you have five quarters, six nickels, three dimes, and seven pennies how much money do you have. First convert the monetary amount into decimal equivalent. One dollar = 1.00, One quarter = .25, one dime = .10, one nickel = .05, and one penny =.01. We have  five quarters becomes (5 x .25), six nickels becomes(6 x .05), three dimes becomes (3 x .10), and seven pennies becomes (7 x .01). To find the solution we solve for the amounts in the parantheses and add up all of the amounts: 

For Quarters 5 x .25 = 1.25

For Nickels    6 x .05 = 0.30

For Dimes     3 x .10 = 0.30

For Pennies   7 x .01 = 0.07

Lastly, we add up the results found in the paranthesis to get our final answer:

 $1.25 in Quarters

  $.30 in  Dimes

  $ .30 in Nickels

 +$.07 in Pennies

 ______________________

$1.92

Money comes in dollars and cents. "Cents" are "hundredth parts" of a dollar. That is why one dollar has 100 cents. Usually money amounts are given in dollars, using a decimal digits to show how many hundredths or how many cents. 

For example: $15.38 means 15 whole dollars and 38 cents (hundredth parts)

In order to multiply money you would apply your knowledge of multiplying decimals. Make sure you include $ sign in your answer. 

For example: $2.50 X 4 = $10 

Hope this will help! 

Olga