Rounding Money Amounts

Rounding a given money amount to the:

1) nearest 100 dollars means rounding to the nearest hundreds.

2) nearest 10 dollars means rounding to the nearest tens.

3) nearest dollar means rounding to the nearest ones.

4) nearest 10 cents means rounding to the nearest tenths.

5) nearest cent means rounding to the nearest hundredths.

 

For example: Let's round $56.27 to the nearest 10 cents.

Rounding to the nearest 10 cents means rounding to the nearest tenth.

 

So, look for the digit to the right of the tenths place digit.

 

It is 7, which is less than 5. So, we round up.

 

56.27 → 56.30

 

So, $56.27 rounded to the nearest 10 cents is $56.30.