Money | Fourth Grade
Complete Notes & Formulas
1. Compare Money Amounts
Definition: Comparing money amounts means deciding which amount is greater, less than, or equal to another using symbols >, <, or =.
📝 Comparison Symbols:
- > Greater than (more money)
- < Less than (less money)
- = Equal to (same amount)
📐 Steps to Compare:
- Make sure both amounts are in the same format (₹ or paise)
- Convert if needed: ₹1 = 100 paise
- Compare rupees first, then paise if rupees are equal
- Use the correct symbol (>, <, =)
✏️ Examples:
• ₹45.75 ____ ₹45.50
Rupees are same (45), compare paise: 75 > 50
Answer: ₹45.75 > ₹45.50
• ₹128.60 ____ ₹135.20
Compare rupees: 128 < 135
Answer: ₹128.60 < ₹135.20
2. Round Money Amounts
Definition: Rounding money means finding an approximate amount to make calculations easier or estimate totals.
📐 Rounding Rules:
- Round to nearest rupee: Look at paise (50p and above → round up)
- Round to nearest 10 rupees: Look at ones place (5 and above → round up)
- Round to nearest 100 rupees: Look at tens place (50 and above → round up)
✏️ Examples:
Round to nearest rupee:
• ₹47.65 → 65p ≥ 50p → Round up → ₹48
• ₹83.40 → 40p < 50p → Round down → ₹83
Round to nearest ₹10:
• ₹347 → 7 ≥ 5 → Round up → ₹350
• ₹524 → 4 < 5 → Round down → ₹520
3. Add and Subtract Money Amounts
Definition: Adding and subtracting money is like adding and subtracting decimals, keeping rupees and paise aligned.
📝 Steps for Addition:
- Step 1: Write amounts in columns, line up decimal points
- Step 2: Add paise first (right side of decimal)
- Step 3: If paise ≥ 100, carry 1 rupee to rupees column
- Step 4: Add rupees with any carry
✏️ Addition Example:
₹ 4 5 . 7 5
+ ₹ 2 8 . 5 0
____________
₹ 7 4 . 2 5
📝 Steps for Subtraction:
- Write larger amount on top, align decimal points
- Subtract paise first
- If top paise < bottom paise, borrow 1 rupee (100 paise)
- Subtract rupees
✏️ Subtraction Example:
₹ 7 5 . 2 0
- ₹ 3 8 . 6 5
____________
₹ 3 6 . 5 5
(Borrow: 20p becomes 120p, 120-65=55p)
4. Add, Subtract, Multiply and Divide Money
Definition: Using all four operations with money amounts to solve real-world problems.
📐 All Operations:
Multiplication with Money:
Multiply as normal numbers, keep decimal point
Example: ₹8.50 × 4 = ₹34.00
Total Cost = Price per Item × Number of Items
Division with Money:
Divide as normal, answer is in rupees and paise
Example: ₹120 ÷ 5 = ₹24
Price per Item = Total Cost ÷ Number of Items
✏️ Mixed Operations Example:
Problem: You buy 3 notebooks at ₹25.50 each and 2 pens at ₹15.75 each. What is the total cost?
Solution:
Notebooks: ₹25.50 × 3 = ₹76.50
Pens: ₹15.75 × 2 = ₹31.50
Total: ₹76.50 + ₹31.50 = ₹108.00
Answer: ₹108
5. Making Change
Definition: Making change means calculating how much money to return when someone pays more than the cost of an item.
🔑 Key Formula:
Change = Amount Paid - Price of Item
📝 Steps to Make Change:
- Step 1: Identify the price of the item
- Step 2: Identify the amount paid by customer
- Step 3: Subtract price from amount paid
- Step 4: The result is the change to return
✏️ Examples:
Example 1:
Item price: ₹67.50
Amount paid: ₹100
Change: ₹100 - ₹67.50 = ₹32.50
Answer: Return ₹32.50
Example 2 (Counting Up Method):
Price: ₹18.75, Paid: ₹20
Count up from ₹18.75:
₹18.75 + ₹0.25 = ₹19.00
₹19.00 + ₹1.00 = ₹20.00
Change: ₹1.25
6-7. Price Lists & Price Lists with Multiplication
Definition: A price list shows the cost of different items. Using the list to calculate total costs, especially when buying multiple quantities.
📊 Sample Price List:
| Item | Price |
|---|---|
| Apple | ₹15 each |
| Orange | ₹12 each |
| Banana (per dozen) | ₹48 |
| Mango | ₹25 each |
📝 How to Use Price Lists:
- Find the item in the price list
- Look at the price for that item
- If buying multiple items, multiply price by quantity
- Add prices if buying different items
✏️ Example Problems:
Problem 1: Buy 5 apples and 3 oranges. What's the total?
Solution:
Apples: ₹15 × 5 = ₹75
Oranges: ₹12 × 3 = ₹36
Total: ₹75 + ₹36 = ₹111
Answer: ₹111
Problem 2: Buy 2 dozen bananas and 4 mangoes. Find total cost and change from ₹200.
Solution:
Bananas: ₹48 × 2 = ₹96
Mangoes: ₹25 × 4 = ₹100
Total cost: ₹96 + ₹100 = ₹196
Change: ₹200 - ₹196 = ₹4
Answer: Total = ₹196, Change = ₹4
8. Unit Prices
Definition: Unit price is the cost of one single item or one unit of measurement (per kg, per litre, per piece). It helps compare which option is cheaper.
🔑 Key Formula:
Unit Price = Total Cost ÷ Number of Units
📝 Steps to Find Unit Price:
- Identify the total cost
- Identify the number of units (items, kg, litres, etc.)
- Divide total cost by number of units
- Result is the price per unit
✏️ Examples:
Example 1: Find unit price
Problem: 6 pencils cost ₹30. What is the price per pencil?
Solution:
Unit price = ₹30 ÷ 6 = ₹5
Answer: ₹5 per pencil
Example 2: Compare unit prices
Problem: Which is cheaper?
Option A: 3 kg rice for ₹150
Option B: 5 kg rice for ₹240
Solution:
Option A: ₹150 ÷ 3 = ₹50 per kg
Option B: ₹240 ÷ 5 = ₹48 per kg
Answer: Option B is cheaper (₹48 per kg < ₹50 per kg)
💡 Why Unit Price is Useful:
- Compare prices of different quantities
- Find the best deal (lowest unit price)
- Calculate total cost when buying any quantity
- Make smart shopping decisions
Money Quick Reference Chart
| Concept | Key Formula |
|---|---|
| Compare Money | Compare rupees first, then paise |
| Round Money | 50p and above → round up |
| Add/Subtract | Align decimal points, carry/borrow as needed |
| Multiply | Total = Price per Item × Quantity |
| Divide | Price per Item = Total ÷ Quantity |
| Making Change | Change = Amount Paid - Price |
| Unit Price | Unit Price = Total Cost ÷ Number of Units |
| Price Lists | Find item, multiply by quantity, add totals |
💰 Important Conversions:
₹1 = 100 paise
100 paise = ₹1
📚 Fourth Grade Money - Complete Study Guide
Master these money skills for real-life math excellence! ✨