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Laboratory for Experimental Economics

Newark, Delaware

Denomination Calculator

Amount - (maxiumum Per Person payment)

Number of People - (maximum number who may require payment)

Minimum Coin or Bill (for rounding to the nearest quarter, dollar, five dollar, etc.):

Calculations are made according to the following steps:
MaxDollars = cap (Number of People) * amount (maximum Payment for each person)
At the end of each denomination calculation below, check to see if this MaxDollar limit has been reached. If so, end calculations.

  • Quarters:
    Three is the maximum number of quarters that should be given to each person particpating in the experiment. More than that, and they should be receiving a dollar. Multiply Number of People by .75, and then round up to the nearest 10. Quarters come from the bank in $10 rolls.
  • Ones:
    Four is the maximum number of ones, and ones are bundled most often into $50s. Multiply Number of People by 4, then round up to the nearest 50.
  • Fives:
    A single five is all that is needed. Anything more, and the particpant should receive a ten. Fives are also the hardest denomination to obtain from the bank in large quantities. Fives are bundled in 100 or 250 wrappers. Multiply Number of People by 5. Add 50 to this
    calculation since a few extra fives can be useful.
    If value between 200 and 250, then ask for a 250 wrapper of fives.
    If value between 400 and 500, then ask for 500 in fives.
    If value between 700 and 750, then ask for 750 in fives.
    Otherwise, round value to the nearest 100.
  • Tens:
    Multiply Number of People by 10. Round to nearest 100.
  • Twenties:
    Subtract value already calculated from MaxDollars. If more cash is needed, then get the rest in twenties, rounded to the nearest 100.