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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 gives them a fair idea of the amount to be invested.

Additional Links for Estimate

• Click here for samples
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