How to Round Amounts of Money
Rounding means making a number simpler but keeping its value close to what it was. With money, we often round to the nearest dollar or to the nearest ten cents.
A Step-by-step Guide to Rounding Amounts of Money
Here is a step-by-step guide to rounding amounts of money:
Step 1: Understand the Basics of Money
Money in dollars and cents has a decimal point. For example, $2.75 means 2 dollars and 75 cents. The first digit after the decimal point represents tens of cents (from 10 cents up to 90 cents), and the second digit represents single cents (from 1 to 9 cents).
The Absolute Best Book for 4th Grade Students
Step 2: Identify the Place Value You Are Rounding To
Are you rounding to the nearest dollar, or to the nearest ten cents?
If you’re rounding to the nearest dollar, you’ll be looking at the digit in the tenths place (the first digit after the decimal point).
If you’re rounding to the nearest ten cents, you’ll be looking at the digit in the hundredths place (the second digit after the decimal point).
Step 3: Apply the Rounding Rule
If the digit you’re looking at is 5 or more, you round up, which means you add 1 to the number in the place you’re rounding to.
If the digit is 4 or less, you round down, which means the number in the place you’re rounding to stays the same.
The Best Math Books for Elementary Students
Related to This Article
More math articles
- GED Math Study guide: 11 Steps to pass the GED Test in 2023!
- The Ultimate 7th Grade MEA Math Course (+FREE Worksheets)
- What to Consider when Retaking the ACT or SAT?
- Best tools for Online teachers
- Deciphering Change: Differential Equations in Daily Life
- Time Travel Adventure: How to Perform Indirect Measurement in Similar Figures
- Full-Length 6th Grade PARCC Math Practice Test-Answers and Explanations
- The Ultimate FTCE Math Formula Cheat Sheet
- The Ultimate NES Elementary Education Math Course
- How to Understand Vectors: Vectors in Two Dimensions
What people say about "How to Round Amounts of Money - Effortless Math: We Help Students Learn to LOVE Mathematics"?
No one replied yet.