Give the step-by-step reasoning process and then the final answer. Simon and Peter have a big stamp collection. Simon collects red stamps and Peter collects white stamps. Simon has 30 red stamps and Peter has 80 white stamps. If the red stamps are then sold for 50 cents each and the white stamps are sold for 20 cents each, what is the difference in the amount of money they make in dollars?
Red stamps are 50 cents each and for 30 stamps, Simon would get 50 * 30 = 1500 cents. White stamps are 20 cents each and for 80 stamps, Peter would get 20 * 80 = 1600 cents. The difference in cents is 1600 - 1500 = 100 cents. One dollar equals 100 cents, so the difference in dollars is 100 / 100 = $1.
The final answer: 1.