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The change-making problem addresses the question of finding the minimum number of coins (of certain denominations) that add up to a given amount of money. It is a special case of the integer knapsack problem , and has applications wider than just currency.
The problem concerns two envelopes, each containing an unknown amount of money. The two envelopes problem, also known as the exchange paradox, is a paradox in probability theory. It is of special interest in decision theory and for the Bayesian interpretation of probability theory. It is a variant of an older problem known as the necktie paradox.
Double-spending is the unauthorized production and spending of money, either digital or conventional. It represents a monetary design problem: a good money is verifiably scarce, and where a unit of value can be spent more than once, the monetary property of scarcity is challenged.
Another entry from 1933, R. M. Abraham's Diversions and Pastimes (still available in a Dover version) poses a slightly different approach with this problem from page 16 (problem 61). "A traveller returning to New York found that he had only a ten-dollar postal money order, and that his train fare was seven dollars. The ticket clerk refused to ...
For example, the largest amount that cannot be obtained using only coins of 3 and 5 units is 7 units. The solution to this problem for a given set of coin denominations is called the Frobenius number of the set. The Frobenius number exists as long as the set of coin denominations is setwise coprime.
However, fiat money has an advantage over representative or commodity money, in that the same laws that created the money can also define rules for its replacement in case of damage or destruction. For example, the U.S. government will replace mutilated Federal Reserve Notes (U.S. fiat money) if at least half of the physical note can be ...
Research finds that marital conflicts about money are more pervasive, problematic, and recurrent than other fights. Financial disagreements are a strong predictor of divorce. These 2 tips can help ...
Time value of money problems involve the net value of cash flows at different points in time. In a typical case, the variables might be: a balance (the real or nominal value of a debt or a financial asset in terms of monetary units), a periodic rate of interest, the number of periods, and a series of cash flows. (In the case of a debt, cas