Re: Expressing fractions

From: Lee Sau Dan (danlee_at_informatik.uni-freiburg.de)
Date: 01/02/05 

Date: 02 Jan 2005 17:11:24 +0800

>>>>> "Dik" == Dik T Winter <Dik.Winter@cwi.nl> writes:

    Dik> Why? Do you not see the difference between paying cash and
    Dik> paying by debit card or other forms of electronic money? The
    Dik> rounding to 5 cents has been standard in the Netherland from
    Dik> 1980-2002 (before the euro), so it just has been
    Dik> re-introduced. Prices are to the cent, cash transactions are
    Dik> rounded (in total) to 5 cent. The last time a tanked petrol
    Dik> the amount was EUR 69.37, and that is what I paid (but not
    Dik> cash).

Something like the Hong Hong Dollar (= 100 cents). Beginning from the
1970s, prices are already always in multiples of 10 cents, and the
smaller denomination coins are no longer in circulation. So, cash
payments must always be in multiples of 10 cents. However, all bank
accounts are still calculated and rounded to the nearest cent. When
writing checks or transferring money electronically, we can still
specify amounts precise up to the cent, now in year 2005. However,
practically, all retail prices are in multiples of 10 cents (if not 1
dollar). People only care about the sub-10cent amounts when
calculating bank interests. :)

P.S. But what happens when you close a bank account, whose balance has
     odd cents, and want the money back in cash? In the past (late
     80s), you'll get the odd cents back as 1-cent notes issued by the
     government. A pretty and cheap souvenir! Normal retail points
     won't accept them, but you can bring these 1-cent coupons to
     another bank for deposit. I don't know if this is still
     practised now in 2005.

    Dik> Moreover, the euro countries are not only Finland, the
    Dik> Netherlands, Belgium and Germany.

Even in Germany, prices are normally in multiples of 10 cents.
Multiples of 50 cents are more common. Only in supermarkets can you
find those ridiculous $xx.99 or $xx.49 prices. So,
supermarket-shopping is a convenient way to get the 1/2-cent coins.
Most vending machines (selling tickets, softdrinks, cigarettes) won't
accept 1- or 2- cent coins. They only accept coins of 5 cent or
higher face values. So, if you want to get rid of your load of 1- or
2- cent coins, the supermarket is also the most convenient place to
spend them. 

-- 
Lee Sau Dan                     §õ¦u´°                          ~{@nJX6X~}
E-mail: danlee@informatik.uni-freiburg.de
Home page: http://www.informatik.uni-freiburg.de/~danlee

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