I have a lot of coins I need to deposit into my bank account, but I don’t know which combination of coins to deposit to avoid as many fees as possible. Any help is appreciated. This is breaking my brain as I’m staring at stacks of coin spread out across my floor.
I have approximately 3200 coins to deposit. My bank charges a fee per number of coins deposited. The fee is not based on the amount of value of the coins. I can make one deposit per day.
The fee chart is as follows:
1-100 coins = free
101-500 coins costs $5.50
501-1000 coins costs $11.00
1001-1500 coins cost $16.50
1501+ coins cost an additional $5.50 per 500 coins.
I have:
50 $1 coins
152 $0.50 coins
851 $0.10 coins
344 $0.05 coins
Approx 1800 $0.01 coins (I weighed these instead of counting them. Each coin is ~1g)
Im able to make one deposit per day, and I have to deposit all within 5 days (1 week excluding weekends).
Is there a way to group the coins in a specific way to avoid as many fee costs as possible? I feel like there has to be, but I’m at a loss for how to figure it out…
I do appreciate your help!
*Edit to show my work
Usually I do spend a bit of time trying to figure things out before resorting to the internet for help. In my head, I had done the work, but I forgot to show it here. My problem is that I can’t find the best combination of coins which will put the most money into my account while paying the least amount of money in fees. Do the values of the coins even matter? The more I think about it, the more I think they don’t.
The solution I’ve attempted that sucks eggs:
Divide the coins into batches of less than 100 coins to avoid fees all together. This will take around 32 trips to the bank and is tedious. I started by doing this, and the thought of depositing (possibly) $0.99 each time to avoid a $5.50 fee is frustrating. I've scrapped this plan as I'm also running out of time.
Possible solution #1:
Obviously, it would not be smart to batch and deposit the coins according to their kind. The most efficient way of depositing the coins would be to deposit as close to the upper limit of the fee chart as possible since depositing 105 coins incurs the same fee as 499. So, there is clearly worse ways of making my deposits.
If deposited by kind across 5 days (1 kind of coin per day):
| Value |
# of Coins |
Total amount |
Fee |
Total deposit |
| 0.01 |
1800 |
$18.00 |
$22.00 |
-$4.00 |
| 0.05 |
344 |
$17.20 |
$5.50 |
$11.70 |
| 0.10 |
851 |
$85.10 |
$11.00 |
$74.10 |
| 0.50 |
151 |
$75.50 |
$5.50 |
$70.00 |
| 1.00 |
50 |
$50.00 |
$0.00 |
$50.00 |
$245.80 (Total Value) – $201.80 (Total Deposit) = $44.00 difference between total amount and amount deposited; the total fee amount over 5 days.
Possible solution #2:
If deposited all together, I would likely incur a similar but smaller fee due to the amount of coins.
There are 3196 coins, and I will incur a $5.50 fee for every 500 coins. 3196/500=6.392, which means I would pay the $5.50 fee 7 times for a total of $38.50. The result would be a total deposit of $207.30.
I’m thinking the value of coins may just not be relevant to the problem. If someone could please confirm this thinking, that’d be great. Since the math I’m trying to do involves efficient groupings, I think it may be a more complicated thought process—one where I’m not even sure where to start, but maybe I’m over thinking it, too.
Possible Solution 3 :
I could max out the fee for 3000 coins and split the remaining amount across 2 additional days to bring the fee amount to $33.00.
My thought is that the fee amount will always stay the same as long as I deposit as close to the upper range of each tier as possible, regardless of number of days. 1500 coins per day for 2 days will still result in a $33.00 fee, just less convenient.
I think at this point, this is the way I’m thinking of going. I think the assistance I’m looking for is more confirmation of thought process. Did I just make it more complicated in my head than it really was?
Thank you again. This isn’t a homework problem or anything. I’m an adult trying his best @.@