Find the total cost to the nearest cent.
62 dinner; 20% tip
The Correct Answer and Explanation is :
To find the total cost with a 20% tip for 62 dinners, let’s go through the steps and explanation carefully.
Step-by-Step Solution
- Cost of Dinners:
- The total dinner bill before any tip is given as $62.
- Calculating the Tip:
- The tip percentage is 20%.
- Convert the percentage to a decimal by dividing by 100. So, 20% becomes 0.20.
- Calculate the tip amount by multiplying the dinner bill by the tip percentage:
[
\text{Tip} = 62 \times 0.20 = 12.40
]
- Finding the Total Cost:
- To find the total, add the tip to the original dinner bill:
[
\text{Total Cost} = 62 + 12.40 = 74.40
]
Thus, the total cost with a 20% tip is $74.40.
Explanation
Breaking Down the Calculation Process:
Calculating the total cost with a tip involves understanding percentages and basic arithmetic. A percentage represents a fraction out of 100, so when you see “20%,” it means 20 out of every 100. Here, we are adding 20% of the total dinner bill to the original amount to account for the tip.
Converting Percent to Decimal:
To calculate percentages as part of a math operation, you convert them into decimals. This is done by dividing the percentage by 100. In this case, 20% becomes 0.20, which makes the calculation more straightforward.
Why Add the Tip to the Original Cost:
The tip is a customary way to show appreciation for service in many places, often calculated as a percentage of the total bill. Adding it to the original amount gives the full payment, which includes both the cost of the meal and the tip.
Rounding to the Nearest Cent:
Most financial calculations involving money are rounded to the nearest cent (two decimal places) for simplicity and accuracy in real-life transactions, as it aligns with the smallest currency denomination (pennies). Here, our calculation already results in a value rounded to two decimal places, so the final total remains $74.40.
In summary, calculating a tip is a straightforward but essential skill in budgeting for expenses in dining, shopping, and services where tipping is customary.