Niccolo went to a horse race and bet 5%5% of all the money that he had in his wallet on one horse. He has $36$36 in his wallet. If he loses the bet, determine the amount of money that he must pay out.
Question
Niccolo went to a horse race and bet 5%5% of all the money that he had in his wallet on one horse. He has 36 in his wallet. If he loses the bet, determine the amount of money that he must pay out.
Solution
To determine the amount of money Niccolo must pay out, we need to calculate 5% of the total money he has in his wallet, which is $36.
Step 1: Convert the percentage into a decimal. 5% becomes 0.05.
Step 2: Multiply the total amount of money by the decimal.
So, 1.80
Therefore, if Niccolo loses the bet, he must pay out $1.80.
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