Question
(6) You have a credit card that awards you a "cash back bonus." This means that every time you use your credit card to make a purchase, you earn back a percentage of the money you spend your card gives you a bonus of \( 0.5 \% \). Calculate your exact bonus if you charge 5462 on your credit card. Round to the nearest cent.
Ask by Fleming Elliott. in the United States
Jan 23,2025
Real Tutor Solution
Tutor-Verified Answer
Answer
Your cash back bonus is \$27.31.
Solution
To calculate your cash back bonus:
1. **Determine the cash back rate**:
\( 0.5\% \) is the same as \( 0.005 \) in decimal form.
2. **Calculate the bonus**:
\[
\text{Bonus} = \text{Amount Charged} \times \text{Cash Back Rate} = 5462 \times 0.005
\]
3. **Perform the multiplication**:
\[
5462 \times 0.005 = 27.31
\]
4. **Round to the nearest cent**:
The bonus is already at two decimal places, so no further rounding is needed.
**Your exact cash back bonus is \$27.31.**
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Simplify this solution Bonus Knowledge
To calculate your cash back bonus, you simply multiply the total amount charged by the percentage rate. In this case, that'll be \( 5462 \times 0.005 \), which equals \( 27.31 \). So, your cash back bonus for charging \$5462 would be \$27.31, rounded to the nearest cent. Now, remember that every cent counts! If you use your credit card for everyday purchases like groceries or gas, those cash back bonuses can really add up over time. Smart budgeting and regular use of cash back offers can lead to some extra money in your pocket, or even cover some fun splurges down the line!
