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  Q1: Don't you think the penny is a joke? (2 pieces of advice)

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  by dmalby 

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  10.16.08 | 03:05 PM

  Kite, thanks for your input. You have a misunderstanding of the concept. The reason why there is still the penny available is because the average citizen thinks they will be ripped off by a "round-up" of the price.
  
  This is how the elimination of the penny works ( 0 Gain / 0 Loss):
  
  
  Cost Actual Payment
  $100.00 = $100.00 (You lose or gain 0)
  $99.99 = $100 (You Lose a penny)
  $99.98 = $100 (You Lose 2 cents)
  $99.97 = $100 (You Lose 3 cents)
  $99.96 = $100 (You lose 4 cents)
  $99.95 = $99.95 (You lose or gain 0)
  $99.94 = $99.90 (You gain 4 cents)
  $99.93 = $99.90 (You gain 3 cents)
  $99.92 = $99.90 (You gain 2 cents)
  $99.91 = $99.90 (You gain 1 cent)
  $99.90 = $99.90 (You lose or gain 0)
  
  Also, isn't your time worth more than messing with pennies? I don't know about you, but I don't need my bank balance to the penny. If I really had it my way, it would be to the nearest dollar.

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  by kite37 

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  10.16.08 | 01:32 PM

  Not really. Rounding everything to the nearest nickel will cause you to loose a lot of money overtime. It sounds small, but it isn't really. There are a lot of people who would be very upset if they had to pay four extra cents for everything.

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