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Step1: Convert fraction to decimal
To find $\frac{1}{5}$ of a dollar, we divide 1 by 5. Using the division operation, $1\div5 = 0.2$.
Step2: Relate to dollar amount
Since 1 dollar is 100 cents, $0.2$ of a dollar is $0.2\times100 = 20$ cents, which is written as $\$0.20$.
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$\$0.20$