What is money? When we all go for shopping we buy some stuff but how do we pay for it? We all know the answer “We pay using money". We all it daily for our needs but what money is and what are its uses and applications? Let’s just find out.
- The currency used in any country is called as money. Like in India we use Indian Rupee (INR) which is the currency of India and hence money in simple language. Thus the coins, the notes of different denominations are all money.
- RUPEE has been derived from a Sanskrit word ‘RAUPYA’ which means silver coins.
The currencies used in different countries are mentioned in the table
Country |
Currency |
United states of America (USA) |
US Dollars(USD) |
Canada |
Canadian Dollar |
Nepal |
Nepalese Rupee |
Pakistan |
Pakistani Rupee |
China |
Renminbi |
Different Denominations
The different types of notes and coins used across the whole country centralized by the Government are called as denominations of the money or currency.
- The different denominations of The Indian Rupee are ₨ 5, ₨ 10, ₨ 20, ₨ 50, ₨ 100, ₨ 200, ₨ 500, ₨ 2000.
- n our Indian currency system 1 Rupee = 100 Paisa.
- It means 1 Paisa = 0.01 Rupee.
- At earlier times we also had 25 paisa and 50 paisa coins.
- We get our currency in form of notes as mentioned above and also in the form of coins like Rs 1 coin, Rs 2 coin, Rs 5 coin, Rs 10 coin.
- 1 Rupee = 25 Paisa x 4 , hence 4 coins of 25 Paisa will make a rupee.
Let’s Identify the Pictures
Role of Money in Mathematics
Like everywhere else Maths has very great use and importance in the field of money and money related problems. We use it while shopping, while calculating bills, while receiving money from someone or giving money to someone.
- Thus Maths and Money are inter-related to each other and we need both of them in our daily life.
Let’s just understand it in a better way with the help of an example
Example 1: A shopkeeper is selling Ghee at Rs 230/kg. If Aman has to buy 5 kg of Ghee, How much will he have to pay to the shopkeeper?
Solution:
Rate of Ghee = ₨ 230/kg
Quantity of Ghee which Aman has to buy = 5 kg
Therefore for 5kg cost of Ghee = ₨ 230 x 5 = ₨ 1150.
Hence Aman has to pay ₨ 1150 to the shopkeeper.
Example 2: If in the above example if Aman gave ₨ 2000 note to the shopkeeper. How much cash would he receive back?
Solution:
Amount given by Aman to the shopkeeper = ₨ 2000
Cost of 5 kg Ghee = Rs 1150
Therefore cash received by Aman
= (Rs2000 – Rs1150) = Rs 850.
- These types are problems related to money are dealt with using mathematics.
Let’s just go through some more examples
Example 3: Ravi is going for a dinner with 4 of his friends. After having dinner the bill came out to be Rs 2356. But Ravi has only Rs 1980. So how much money he has to borrow from his friends?
Solution:
Total amount of dinner = Rs 2356
Amount Ravi has = Rs1980
Therefore amount of money Ravi has to ask his friends is
= Rs 2356 – Rs 1980 = Rs 376.
Example 4: Convert Rs 23.57 into Paisa.
Solution- As we know Rs 23.57 = Rs 23 + 57 Paisa.
Now 1 Rupee = 100 Paisa
Therefore Rs 23 = Rs 23 x 100 = 2300 Paisa.
And hence Rs 23.57 = 2300 + 57 = 2357 Paisa.
Example 5: If 5 pair of socks costs Rs 1000. Then how much would a single pair of socks cost?
Solution:
5 Pairs costs = Rs 1000
Therefore a single pair would cost = Rs 1000 ÷ 5 = Rs 200.
Practice Questions
Question 1- Express 19.47 in words.
Question 2- 3 friends share Rs 450. How much will each of them get?
Question 3- Rate of a Pen is Rs 15. And the rate of Toothpaste is Rs 23 costlier than the pen. What is the rate of Toothpaste?
Question 4- State True or False
- 1 Rupee = 0.01 Paisa
- 5 Paisa = 0.05 Rupee
- 4500 Paisa = Rs 40
- Rs 12.32 = 1232 Paisa
Question 5-How many 50 paisa coins make Rs 4?
Question 6- Convert 705 Paisa in Rupee.
Recap
- Currency is known as money.
- The Indian currency is INR.
- 4 coins of 25 Paisa make a rupee.
- 2 coins of 50 Paisa make a rupee.
- 1 Rupee = 100 Paisa