Estimate

Definition of Estimate

• To estimate is to find a number that is close to the exact answer.

Examples of Estimate

• A pen costs $4.15. Estimate the cost of 5 such pens.

$4.15 is closer to $4 than $5. So, the cost of 5  such pens would be about $20.

Solved Example on Estimate

Tim and his wife together earn $9,635 and spend $4,385 every month. Estimate the amount of money they save every month to the nearest thousand.

Choices:

A. $4,000

B. $14,000

C. $5,000

D. $6,000

Correct Answer: D

Solution:

Step 1: Tim and his wife together earn $9,635 and spend $4,385 every month.

Step 2: $9,635 rounded to the nearest thousand is $10,000.

Step 3: $4,385 rounded to the nearest thousand is $4,000.

Step 4: The amount they save every month

= 10,000 – 4,000 = 6,000.

Step 5: So, Tim and his wife save about $6,000 every month.

Related Terms for Estimate

• Estimation
• Rounding

Real-world Connections for Estimate

• Many companies use estimating techniques to find out the cost of buying materials or machineries, the cost involved in manufacturing goods etc. The process of estimation will give them a fair idea of the amount to be invested.

 

Additional Links for Estimate

• Click here for samples
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