Convert the given paise into rupees. a) 550 paise
The correct answer and explanation is:
Sure! Let’s start with the conversion and then I’ll give you a detailed explanation.
a) Convert 550 paise into rupees
- 1 rupee = 100 paise
To convert paise into rupees, divide the number of paise by 100: Rupees=Paise100\text{Rupees} = \frac{\text{Paise}}{100}
So, Rupees=550100=5.50 rupees\text{Rupees} = \frac{550}{100} = 5.50 \text{ rupees}
Final answer:
550 paise = 5.50 rupees
Explanation (about 300 words)
The Indian currency system is based on rupees and paise. The rupee is the main unit, and the paise is a subunit of the rupee. Specifically, 1 rupee is divided into 100 paise. This decimal relationship makes it straightforward to convert between paise and rupees by simply dividing or multiplying by 100.
In practical terms, if you have an amount in paise and want to express it in rupees, you divide the paise by 100. This is because the conversion factor between the two units is 100 paise per rupee.
For example, if you have 550 paise, dividing by 100 gives you 5.50 rupees, which means 5 full rupees and 50 paise. The decimal number after the division represents the paise portion as a fraction of a rupee.
This conversion is very important in daily transactions, accounting, and finance. Prices for small items might be given in paise for precision, but generally, people use rupees for convenience. Banks, businesses, and accounting software all work internally with paise for accuracy but display amounts in rupees with decimals for readability.
The decimal system in Indian currency was adopted in 1957. Before that, the currency was divided differently (into annas, pice, etc.), which made conversion more complex. The move to a decimal system simplified calculations, commerce, and education about money.
Understanding this conversion also helps in financial literacy, such as budgeting, understanding bills, or currency exchange. Knowing how many paise equal a rupee makes it easier to handle amounts less than a rupee or to convert small change amounts back to the rupee system.
In summary, converting paise to rupees is done by dividing by 100, and 550 paise equals 5.50 rupees. This straightforward decimal system enhances ease of use and accuracy in financial transactions.