The cost of money

Community Mathematics Centre, CoMaC (2015) The cost of money. At Right Angles, 4 (3). pp. 56-58. ISSN 2582-1873

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Abstract

In a post that appeared early in 2014 on the site http://mathforlove.com/2014/02/a-dollar-that-costs-adollar/, a very interesting and mathematically elegant question was posed which we study here. Consider the US coinage system (coins only; we do not include any notes of value $1 or more). We have the following coins: Penny (1 cent, $ 0.01), Nickel (5 cents, $ 0.05), Dime (10 cents, $ 0.10) and Quarter (25 cents, $ 0.25). Each of these coins is made of some metal or mixture of metals, and as such each one has a cost associated with it. After all, the metals in question have to be purchased from the market!

Item Type: Articles in APF Magazines
Authors: Community Mathematics Centre, CoMaC
Document Language:
Language
English
Uncontrolled Keywords: Money, value, cost, multiple, factor, remainder, modulus
Subjects: Natural Sciences > Mathematics
Divisions: Azim Premji University > University Publications > At Right Angles
Full Text Status: Public
URI: http://publications.azimpremjifoundation.org/id/eprint/3106
Publisher URL:

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