1 Million in Lakhs
Tens, hundreds, thousands, ten thousand, and lakhs are often used daily in the context of money calculations or transactions, but millions and billions are not as commonly used. People are often unclear or confused about the value of the word "million" and find it difficult to translate 1 million into lakhs when necessary because it is not a commonly used word.
We are here to help you understand what a million is, what a lakh is, and how to convert a million to a lakh. First, it is necessary to understand about one million. Then, we will proceed to the calculation part. So let's start learning a new concept!
What is a Million?
A million is a number that is equal to one thousand thousand. A million is a typical unit with a certain value used in the international place value system. The number 1,000,000 is used to denote a million. For instance, if you have to count from 1 to 1,000,000, it will take you about 20 days to count for 8 hours a day. If you count at the speed of one number per second, it will still take about 40 minutes to reach one million.
A million is a big number that is frequently used when talking about large quantities, such as big sums of money or big populations. For instance, a million dollars in sales would be a large sum of money for business purposes.
What is a Lakh?
Lakh is a unit of measurement used in India and other South Asian countries, which represents the number one hundred thousand (100,000). However, it is typically written as 1,00,000 in the Indian numbering system and is equivalent to the number 0.1 million. In scientific notation, one Lakh is equal to 10^5.
A lakh is commonly written as lac, and the unit is denoted by the letter L. In India, Nepal, Pakistan, Bangladesh, Bhutan, Sri Lanka, and Myanmar, the unit is typically employed in professional and other contexts. But nations like India, Pakistan, Bangladesh, and Sri Lanka typically use it. For instance, in India, 300,000 is equivalent to 3 lakhs, 3 L, or INR 3,00,000.
When valuing expensive international commodities like silver, the lakh unit is, however, most commonly used. For instance, 100,000 troy ounces or 3100 kg of silver is worth around one lakh rupees.
How much Lakh is equal to a million?
The Indian and international numbers systems are two different sorts of number systems. The location of the separators is the primary distinction between the Indian number system and the international number system. Lakhs are written after a thousand in the Indian place value system. A digit's location is determined by its position. In contrast to the Indian number system, which uses lakhs and crores, the international number system uses millions and billions. Indian and international number systems are equivalent up to 10,000. In the Indian system, one Lakh occurs after ten thousand, whereas 100,000 appears in the international system after ten thousand.
Similarly, ten Lakh, accordingly to the Indian Numeral system, comes after one Lakh, whereas according to the international place value system, one million comes after ten thousand. Therefore, we can conclude that one million is equivalent to ten lakhs.
Now let's look at some conversion examples to understand the concept better.
Examples of Conversion from Millions to Lakhs
Example 1: What will be the value of 34 million in lakhs?
Solution: We know that 1 million = 10 lakh
So, 34 million = 34 × 10 lakhs
34 million = 340 lakhs
Thus, 34 million is equal to 340 lakhs in Indian Rupees.
Example 2: Find the value of 6 million in terms of lakhs.
Solution: As we learned earlier that one million is equal to ten lakhs.
So, mathematically we can write this as below:
1 million = 10 lakh
So, 6 million = 6 × 10 lakhs
6 million = 60 lakhs
Hence, 6 million is equivalent to 60 lakhs in Indian Rupees.
Example 3: Calculate the value of 20 million in terms of lakhs.
Solution: As we discussed earlier that one million is equal to ten lakhs, i.e.:
1 million = 10 lakh
Therefore, 20 million = 20 × 10 lakhs
20 million = 200 lakhs
Hence, 20 million is equivalent to 200 lakhs or 2 crores in Indian Rupees.