What is Making Combinations of Money?

S1-SA4-0292

Grade Level:

Class 2

All STEM domains, Finance, Economics, Data Science, AI, Physics, Chemistry

Definition

What is it?

Making Combinations of Money means finding different ways to add up coins and notes to reach a specific total amount. It's like putting together different pieces of a puzzle to get the final picture, but with money.

Simple Example

Quick Example

Imagine you want to buy a yummy samosa that costs ₹10. You could use one ₹10 coin. Or, you could use two ₹5 coins. You could even use ten ₹1 coins! These are all different combinations to make ₹10.

Worked Example

Step-by-Step

Rohan wants to buy a small toy car that costs ₹25. He has ₹1, ₹2, ₹5, ₹10, and ₹20 notes/coins. How can he make ₹25 using different combinations?
---Step 1: Use one ₹20 note and one ₹5 coin. (₹20 + ₹5 = ₹25)
---Step 2: Use two ₹10 notes and one ₹5 coin. (₹10 + ₹10 + ₹5 = ₹25)
---Step 3: Use five ₹5 coins. (₹5 + ₹5 + ₹5 + ₹5 + ₹5 = ₹25)
---Step 4: Use one ₹10 note, one ₹5 coin, and five ₹2 coins. (₹10 + ₹5 + ₹2 + ₹2 + ₹2 + ₹2 + ₹2 = ₹25)
---Answer: Rohan can make ₹25 in many ways, such as ₹20 + ₹5, or ₹10 + ₹10 + ₹5.

Why It Matters

Understanding money combinations helps you manage your pocket money better and make smart choices when buying things. This skill is crucial in careers like banking, business, and even when you plan your family budget, ensuring you always have the right change.

Common Mistakes

MISTAKE: Only thinking of one way to make an amount. | CORRECTION: Always try to find multiple combinations using different denominations (₹1, ₹2, ₹5, ₹10, ₹20, etc.).

MISTAKE: Forgetting to add up all the amounts correctly. | CORRECTION: Double-check your addition for each combination to ensure it totals the target amount.

MISTAKE: Not using the smallest number of notes/coins when asked for the most efficient combination. | CORRECTION: When efficiency is needed, start with the largest possible denomination and work your way down.

Practice Questions

Try It Yourself

QUESTION: How can you make ₹15 using only ₹5 coins? | ANSWER: Three ₹5 coins (₹5 + ₹5 + ₹5 = ₹15)

QUESTION: Find two different ways to make ₹30 using ₹10 and ₹5 notes/coins. | ANSWER: Way 1: Three ₹10 notes (₹10 + ₹10 + ₹10 = ₹30). Way 2: Two ₹10 notes and two ₹5 coins (₹10 + ₹10 + ₹5 + ₹5 = ₹30).

QUESTION: Priya wants to buy a drawing book for ₹48. She has ₹20, ₹10, ₹5, and ₹2 notes. What is one way she can make ₹48? | ANSWER: One ₹20 note + two ₹10 notes + one ₹5 note + one ₹2 note + one ₹1 note (₹20 + ₹10 + ₹10 + ₹5 + ₹2 + ₹1 = ₹48). (Note: Assuming ₹1 coin is also available, or the question implies a mix of available notes/coins.)

MCQ

Quick Quiz

Which combination correctly makes ₹45?

Two ₹20 notes and one ₹2 coin

Four ₹10 notes and one ₹5 coin

One ₹20 note, two ₹10 notes, and two ₹5 coins

Nine ₹5 coins

The Correct Answer Is:

Option B (₹10 + ₹10 + ₹10 + ₹10 + ₹5 = ₹45) is correct. Option A is ₹42. Option C is ₹50. Option D is ₹45, but B is also correct and listed.

Real World Connection

In the Real World

Every time you pay for groceries at a kirana store or buy a ticket at the railway station, you are making combinations of money. Shopkeepers also do this when they give you change. Even apps like PhonePe or Google Pay use these principles when showing you how much money you have and how it adds up.

Key Vocabulary

Key Terms

COMBINATION: Different ways to put things together. | DENOMINATION: The value of a note or coin (e.g., ₹1, ₹5, ₹10). | TOTAL: The final amount after adding. | CHANGE: The money you get back after paying more than the cost.

What's Next

What to Learn Next

Now that you understand making combinations, you can learn about 'Money Transactions'. This will teach you how to buy and sell things using these combinations and calculate change, which is super useful in daily life!