Give the step-by-step reasoning process and then the final answer. Penny has $20. Penny buys 4 pairs of socks for $2 a pair and a hat for $7. How much money does Penny have left?
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Penny buys 4 pairs of socks for $2 x 4 = $8. In total, Penny spent $8 + $7 = $15 on 4 pairs of socks and a hat. Penny has $20 - $15 = $5 left after buying 4 pairs of socks and a hat.
The final answer: 5.
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