Question

Economics Tell how much change you would get if you paid for each item with a \(\$ 5\) bill. a pack of gum for \(\$ .64\)

Short answer

The change is \(4.36\).

Step-by-step solution

- Identify the Total Cost

The price of the pack of gum is \(.64\).

- Identify the Amount Paid

The amount paid is \(5\).

- Subtract the Cost from the Amount Paid

Subtract the total cost from the amount paid: \(5 - .64\).

- Calculate the Change

Perform the subtraction: \(5 - .64 = 4.36\).

Key concepts

Identifying Total Cost

The first step in our exercise is to identify the total cost of the item you are purchasing. This involves clearly determining the price tagged to the item. In our case, the item is a pack of gum priced at \(\$ \)0.64.

The total cost is straightforward and simple to find. Just read the price from the item's tag or listing.

For more complicated problems, the total cost might include additional factors like taxes or discounts, but here it is just the listed price.

Always make sure you have the accurate total before proceeding with further calculations.

Calculating Change

Once you have identified the total cost, the next concept is to calculate the change you will receive. Calculating change involves knowing how much you paid and then finding out how much of that payment exceeds the total cost.

In our exercise, you paid \(\$ \)5 for the pack of gum costing \(\$ \)0.64.

To find the change, we use the formula:

\[ Change = \text{Amount Paid} - \text{Total Cost} \]

Here, your amount paid is \(\$ \)5, and the total cost is \(\$ \)0.64.

Plugging these values into the formula: \5 - 0.64 = 4.36\

This tells us the change you will get back is \(\$ \)4.36.

Basic Arithmetic Operations

The process of calculating change from a transaction is rooted in basic arithmetic, specifically subtraction.

Subtraction is one of the fundamental arithmetic operations you need when handling money. You need to subtract the cost of your purchase from the money you gave to the cashier.

For our exercise, you subtract \(\$ \)0.64 from \(\$ \)5, which can be visualized as:

\[ 5.00 - 0.64 \]

Make sure you align the decimal points and subtract each digit from right to left.

If handling decimal numbers is tricky, remember you can always perform this subtraction using a calculator. Practice improves your accuracy and confidence when working with money and numbers.