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Non-cash transactions would still be commonly made in $0.01 increments. $53.47, for example. The difference is, if you wanted to purchase a dozen things that
by cbm-vic-20 8y ago
Non-cash transactions would still be commonly made in $0.01 increments. $53.47, for example. The difference is, if you wanted to purchase a dozen things that total $53.47 at a store, if you use cash, you'd end up paying $53.45 or $53.50, depending on the store's policy. Many may end up rounding down, what a deal! Or they'll choose to be greedy and trade in that goodwill for three measly cents.
- lb1lf 8y agoSurely there must be a law outlining how rounding of sums will be done, rather than leaving it to the store owner's discretion? (Here in Norway, we've gotten rid of the 5, 10, 25 and 50 øre (cents, if you like) coins since I was a kid; the smallest denominations coin now in use is the 1 krone. Stores round like any mathematically inclined would -.01-.49 sums are rounded down, .50-.99 sums rounded up.
- montecarl 8y agoSeems like this is handled differently in different countries: https://en.wikipedia.org/wiki/Cash_rounding https://en.wikipedia.org/wiki/Cash_rounding