Consider the stack of pennies in the previous problem. How much money (in dollars) would this represent? If this money were equally distributed among the world's population of 7.0 billion people, how much would each person receive? Would each person be a millionaire? A billionaire? A trillionaire?

Verified step by step guidance

1. Identify the number of pennies in the stack from the previous problem.
2. Convert the total number of pennies into dollars by dividing by 100, since there are 100 pennies in a dollar.
3. Determine the world's population, which is given as 7.0 billion people.
4. Divide the total amount of money in dollars by the world's population to find out how much each person would receive.
5. Compare the amount each person would receive to a million, a billion, and a trillion to determine if each person would be a millionaire, billionaire, or trillionaire.

Key Concepts

Value of Currency

Understanding the value of currency is essential for determining how much money a stack of pennies represents. Each penny is worth one cent, so to convert the total number of pennies into dollars, one must divide the total count by 100. This basic conversion is crucial for calculating the total monetary value.

Population Distribution

Population distribution refers to how a total amount of money is shared among a given population. In this case, dividing the total dollar amount by the world's population of 7.0 billion people allows us to determine how much each individual would receive. This concept is vital for understanding the implications of wealth distribution.

Wealth Comparisons

Wealth comparisons involve evaluating the amount of money each person would receive in relation to common wealth thresholds, such as being a millionaire (over $1 million), billionaire (over $1 billion), or trillionaire (over $1 trillion). This concept helps contextualize the distribution of wealth and assess whether the amount received per person is significant on a global scale.