1. Frank has 24 pennies, 62 nickels, 55 dimes, 16 quarters, and 19 fifty-cent pieces. How much money does he have? 2. Pete is purchasing an MP3 player for $199.90. He gives the sales clerk 2 fifty-dollar bills, 4 twenty-dollar bills, and 4 five-dollar bills. How much should he receive in change? 3. Carol has 7 rolls of pennies containing 50 coins each, 11 rolls of nickels containing 40 coins each, 3 rolls of dimes containing 50 coins each, and 12 rolls of quarters containing 40 coins each. How much money does she have? 4. At the beginning of this month, Paul had $1004.21 in digital money. So far this month he has made deposits of $7.66, $83.07, and $198.01 into his account, while he has made withdrawals of $35.36, $4.71, and $94.98. How much digital money does Paul have now? 5. Denominations matter in digital money. True or False? 6. When you barter, you must in order to buy something. 7. The money multiplier effect shows that when a bank has a lower reserve rate, they are able to generate money. 8. If the reserve rate is 10% and a bank receives a deposit of $320,000, how much of the $320,000 is the bank free to loan out? 9. If the Federal Reserve sets the reserve rate to 20%, what is the resulting money multiplier? 10. If the Federal Reserve sells $50,000 in Treasury bonds to a bank at 8% interest, what is the immediate effect on the money supply? A. It is decreased by $50,000. B. It is increased by $50,000. C. It is decreased by $55,500. D. It is increased by $55,500. 11. If the Federal Reserve decreases the reserve rate from 7% to 5%, how does this affect the amount of money that would result because of fractional-reserve banking from an initial deposit into a bank of $30,000? 12. From 1980 to 2000, the consumer price index (CPI) increased from 122.5 to 181. If a pound of tomatoes cost $0.75 in 1980 and the price of tomatoes increased at the same rate as the CPI from 1980 to 2000, approximately how much did a pound of tomatoes cost in 2000? 13. The followi