## Money

Many calculations involve money.

### Coins and Notes

In New Zealand, the coins and notes available are as follows:

 Coins 5cents 10cents 20cents 50cents \$1 \$2 Notes \$5 \$10 \$20 \$50 \$100

Because the smallest coin is worth 5 cents, amounts of money often have to be rounded to the nearest 5 cents.

e.g.
51 cents and 52 cents would be rounded down to 50 cents
53 cents and 54 cents would be rounded up to 55 cents
56 cents and 57 cents would be rounded down to 55 cents
58 cents and 59 cents would be rounded up to 60 cents

This system is called Swiss Rounding and is used by most shops and supermarkets in New Zealand.
If several items are being purchased the rounding is done on the total cost of the items.

 Examples Answers I go to the supermarket and buy 5 bars of chocolateat \$1.20 each, a bag of potatoes at \$3.45 and 3 dozen eggs at \$1.50 per dozen. How much do I spend? Total spent= 5 × 1.20 + 3.45 + 3 × 1.50= 6.00 + 3.45 + 4.50= \$13.95 How much change would I get from \$15 when I purchase the following: (i) 7 packets of soup at \$1.94 each? (ii) 6 eggs at \$3.86 per two dozen? 7 × 1.94 + 3.86/4 = \$14.55   Change = \$15 − \$14.55 = \$0.45