Question

Economics Tell how much change you would get if you paid for each item with a \(\$ 5\) bill. a slice of pizza for \(\$ 1.74\)

Short answer

The change is \( \text{\textdollar}3.26 \).

Step-by-step solution

Identify Payment and Cost

Determine the amount of money paid and the cost of the item. In this case, a \(\text{\textdollar}5\) bill is used to pay for a slice of pizza that costs \(\text{\textdollar}1.74\).

Calculate the Difference

Subtract the cost of the pizza from the \(\text{\textdollar}5\) bill to find the change received. Use the formula: \(\text{\text{\textdollar}5} - \text{\text{\textdollar}1.74} \).

Perform the Subtraction

Perform the subtraction: \(5.00 - 1.74 = 3.26\).

State the Answer

The change you would receive is \( \text{\textdollar}3.26 \).

Key concepts

Basic Arithmetic

Understanding basic arithmetic is fundamental for everyday tasks like making change. Arithmetic involves simple operations like addition, subtraction, multiplication, and division. In this case, dealing with money often requires subtraction, an essential part of arithmetic. Let's explore the steps to grasp this concept better.

Subtraction

Subtraction is the process of finding the difference between two numbers. It's like taking away a part of something to see what remains. When you subtract, always arrange the numbers so the larger number is on top.

For example, to subtract \(1.74\) from \(5.00\), line up the decimal points:

\( 5.00 \)
\(- 1.74 \)

To perform the subtraction, start from the right side. If necessary, borrow from the next digit to ensure you can subtract each part correctly.

In our case, borrowing isn't needed as we get \(5.00 - 1.74 = 3.26\).

Subtraction helps you understand how much is left after a certain amount is taken away. Practice makes perfect, so try more subtraction problems to master this skill!

Money Transactions

Handling money transactions accurately is crucial in real life. Whether you’re shopping or getting paid, you need to know how to calculate change. Here's a step-by-step way to understand it better:

• Identify the total cost of the items.
• Know the amount you're paying with.
• Subtract the total cost from the amount paid.

For example, if you purchase a pizza slice for \(1.74\) dollars and pay with a \(5\) dollar bill, you subtract to find the remaining amount, which is \(3.26\) dollars.

This ensures you get the correct change. Knowing how to handle money helps you avoid mistakes and manage your finances better. Always double-check your calculations for accuracy!