On 25 Jul 2000 09:29:49 EST, the world broke into rejoicing as
Bill Gribble <[EMAIL PROTECTED]> said:
> Clark Jones <[EMAIL PROTECTED]> writes:
> > I hate to quibble with Gribble :-), but in actuallity the bill establishing
> > the Dollar as the U.S. currency (written by Thomas Jefferson) defines the
> > "mill" -- which is 1/1000 of a U.S. Dollar -- though the only places where
> > you're likely to run into it is at the gas pump and calculating real estate
> > taxes.
>
> I'm a little confused about this. Where is a "mill" actually a valid
> amount for a financial transaction? You certainly can't take one out
> of a bank account.
>
> Is this just an anachronism? Are there *any* places where correct
> record keeping requires one to keep track of dollar values down to the
> 1/1000 of a dollar?
It represents a valid value for the purposes of representing a _price_;
gas prices and property taxes being places where you'd use amounts like
$0.023 Per Assessed Dollar Value, or $1.294 Per Gallon.
The amount of _tax_ that gets assessed will be dollars/cents, and the
resulting bill at the gas pump will be in dollars/cents, but the _price_
has to be assessed in different terms.
In effect, there are two fundamentally different kinds of "amounts:"
a) Those associated with commodities, and
b) Those associated with the _pricing_ of commodities, that is, in
translating from one commodity to another.
--
[EMAIL PROTECTED] - <http://www.hex.net/~cbbrowne/lsf.html>
"You can measure a programmer's perspective by noting his attitude on
the continuing vitality of FORTRAN." -- Alan Perlis
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