Posted by mel on Tuesday, September 27, 2011 at 6:54pm.
600 pennies = $6.00
after replacement by a nickel, there are 300 pennies and 300 nickels.
Value = 300*0.01 + 300*0.05 = $18.00
Finally, the replacement by quarters every third coin means that one-third of the nickels and one-third of the pennies will be replaced by quarters.
Think of the replacement process: the first one encountered is a penny, the next one is a nickel, the third one is a penny, .....
In the end, there will be
200 pennies,
200 nickels, and
200 quarters.
Total value = 200(0.01+0.05+0.25)=$62.00
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