how do you multiply money

Question

how do you multiply money

Answer 1

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

Answer 2

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

 

Answer 3

There are many ways in which you can multiply your money!

Always put the larger number with more digits on top and the smaller number with less digits on the bottom. Ignore the decimal points at first and multiply the way in which you would usually multiply whole numbers. When you finally have your answer, you then can put the decimal points in, based on how many places are held by the decimal point.

So if you were multiplying 2.24 X 1.20, your answer would be 2.688, since the decimal point would only need to hold three places and we would ignore the zero.

Answer 4

Hi Cc T.,

Gee, this is a trick question. Invest it; it will multiply itself. Sometimes the multiplication factor is 0, but this is rare. If you aimed for 5% gain annually and achieved it, you'd be beating the stock market lately.

Cheers!, -- Mr. d.

Answer 5

I know that this post is a bit outdated by I must write my reply.

The person who made this post clearly asked how do you multiply money.

One answer is that if you multiply money you get strange units. For example $5*$3 = $²15, that is you get 15 dollars squared.

A 2nd answer would be to just state that for example $5*$3 = $²15 or 2cents*4cents = 8cents²

Answer 6

IF this is a math question, the other answers covered it.

IF this were a macroeconomics question, there's something called the "money multiplier." For Keynesians this is the aggregate effect of an increase in spending, which is some multiple of that spending. This is the basis for economic policies calling for "spending our way out of the recession."

For monetarists, there is a money multiplier in the financial sector due to fractional reserve banking. Obama early in his presidency defending policies helping banks by saying each dollar injected into the banking system would have a multiplier effect on the economy. He may have used 10 times as the multiplier.

Or there's the accounting identity MV=PQ where M is the money supply V is the velocity of money, P is the price level and Q is the quantity of products. Increase M and its effect is multiplied by V on its effect in the real sector. Initially it may directly affect Q, but eventually it causes the price level to rise, with less real effect on output

All these multipliers tend to result from fiat money, a money that is not convertible into gold or any real product. Fiat money is money because the government makes it legal tender. Otherwise it would have no value.