Question

The average earned income for a person with a master’s degree is \(\$70,186\). Round this value to the nearest thousand. To the nearest hundred.

Short answer

Answer: Rounded to the nearest thousand, the average earned income is $70,000. Rounded to the nearest hundred, it is $70,200.

Step-by-step solution

Understanding Rounding

Rounding is the process of simplifying a number by making it closer to the nearest value, generally a multiple of a specific place value. In this case, we are asked to round to the nearest thousand and hundred.

Identifying the Place Values

In the number \(\$70,186\), we can see that the thousands place value is \(7\) (as in \(70,000\)), and the hundreds place value is \(0\) (as in \(0\) hundreds).

Round to the Nearest Thousand

To round the number to the nearest thousand, we begin by looking at the hundreds place value. In this case, the hundreds place value is \(0\). If the hundreds place value is \(5\) or greater, we would round up the thousands place value by \(1\). However, since the hundreds place value is less than \(5\), we will keep the thousands place value as it is and change the rest of the numbers to zeros. So, rounding \(\$70,186\) to the nearest thousand, we get \(\$70,000\).

Round to the Nearest Hundred

Now, to round the number to the nearest hundred, we start by looking at the tens place value. In this case, the tens place value is \(8\) (as in \(800\)). Since the tens place value is \(5\) or greater, we need to round up the hundreds place value by \(1\). The numbers to the right of the hundreds place will also be changed to zeros. So, rounding \(\$70,186\) to the nearest hundred, we get \(\$70,200\). Thus, the average earned income for a person with a master's degree rounded to the nearest thousand is \(\$70,000\), and rounded to the nearest hundred is \(\$70,200\).