A group of students decided to buy some papayas for the elderlybin the Old Folks Home. Each papaya cost $0.80. They paid $50 for 48 papayas. How much change did they receive?

The cost of 48 papayas is 48 x $0.80 = $<<48*0.80=38.40>>38.40.

So the change they received is $50 - $38.40 = $<<50-38.40=11.60>>11.60. Answer: \boxed{11.60}.