Multiple Choice
An insurance premium is:
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1. Introduction to Accounting
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If you have 700,000 pennies, how many dollars do you have?
A
$700
B
$70,000
C
$7,000
D
$70
Verified step by step guidance1
Step 1: Understand the relationship between pennies and dollars. There are 100 pennies in one dollar.
Step 2: To convert pennies to dollars, divide the total number of pennies by 100. This is because 100 pennies equal 1 dollar.
Step 3: Write the formula for conversion: \( \text{Dollars} = \frac{\text{Total Pennies}}{100} \).
Step 4: Substitute the given value of pennies (700,000) into the formula: \( \text{Dollars} = \frac{700,000}{100} \).
Step 5: Perform the division to find the number of dollars. This will give you the final answer.
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