$5 among three persons?

Can you solve the mystery of the missing $1?

I had solved a similar one like this many years ago and I received this via a forward. How many of you can solve this mystery :D ?

So here goes…

Three friends went to a hotel and drew up a bill of $75/-
Each contributed $25/- towards this and the waiter took the bill to the cashier.

$5 among three persons?

For some reason unknown, our dear friend the cashier decided to give them a discount and asked the waiter to return $5/-.

Now the waiter was confused. He thought, “How to distribute $5 among 3 persons? ”

So he kept $2 in his pocket & gave one dollar to each one of the 3 persons.

That brings us to the mystery.

Initially each one had contributed $25. And each received one dollar making their contribution $24.

Thus, all contributed Rs 24 — that is 24×3=72 and 2 dollars in the waiters pocket.

The total becomes 74. But they had paid $75.

Where is the missing dollar?

Note: The clipart image above is courtesy Hassle Free Clip Art