If 1 penny is .01 how much is .0055?

Answer 1

1/1000th of a dollar is called a "mill". Mill "coins" (usually called "tokens", and often made of paper, tin, or plastic) are now extremely uncommon in the US, though they have been used from time to time, and tax rates are still sometimes specified in "mills". A tax rate of 1 mill corresponds to a tax of ten cents per $100.

One holdover that most people in the US are familiar with is the common practice of ending gasoline prices with 9/10ths of a cent (9 mills).

With all that in mind, US $0.0055 would be five and a half mills, though since nowadays many people are unfamiliar with the term, a better way to say it might be 0.55 cents.

Answer 2

Fifty-five hundredths of a penny

Answer 3

Half a cent