Pennyless
Apparently, Rep. Jim Kolbe of Arizona is taking his second stab at killing the penny. I like the idea of eliminating a one cent coin that now costs 1.4 cents to manufacture and fills endless numbers of ash trays, change purses, couches and the like. I am a bit concerned though by Rep. Kolbe's price rounding plan to deal with the lack of one cent currency.
As with the 2001 bill, the new one calls for rounding down any cash transaction that ends in in 1,2,6 and 7 cents; totals ending in 3,4,8, or 9 cents would round up.
What's wrong with rounding the old fashioned way - 1-4 round down and 5-9 round up? I'm hoping my accounting friends can explain to me why this makes any sense at all.
posted by jared @ 7/18/2006
6 comments
6 Comments:
Looks like he's rounding based on two sets of numbers: in a group of 1 - 5, 1 and 2 round down and 3 and 4 round up. In a group of 6 - 10, 6 and 7 round down and 8 and 9 round up. It makes sense as far as that goes, the article just worded it a bit confusingly. I didn't realize the penny cost 1.4 cents to manufacture. I guess it makes sense to eliminate it. But I kind of like the penny. And "a nickel for your thoughts" doesn't have the same tone to it.
The cost of thoughts has gone up with inflation. Mine now cost a quarter. Or you can just stand nearby and wait for them to fall out of my mouth.
thank you, jared, for that lovely visual.
it looks like jen's explanation makes sense. even though the idea it explains is not necessarily LOGICAL. i mean, seriously. that's just stupid.
I think he's using base 5 or rounding to the nearest nickel. I think i might have to change my blog to read deposit your $.028
I'm writing my congressman to request the abolition of the number one. Seriously who needs it? Lets all just start everything with the number two instead.
I'll make a case for how productive we'll all be. Just think on your way counting to ten; I've just saved you ten percent of your time.
Guess I should find a congressman who's district will make a fortune by mass producing the number two for it to have a chance though...
Velk,
I think we should start counting at 0. It would simplify so many things.
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