Exact interest is used by the United States Government and, when large sums of money are involved, by some state and city governments, and by many trust companies.

As exact interest is based on 365 da. to a year, neither the six per cent method nor the 60-day method can be employed in finding the exact interest. Why not?

Illustrative Example. Find the interest on $240 from June 1 to Dec. 3 of the same year, at 6%.

EXPLANATION

The time from June 1 to Dec. 3

$240

.06

= (29+31+31+30+31+30+3) da. =185 da., or ÷ yr.

73)$532.800($7.298+=the interest for 185 da.

That is, $7.30= the interest, correct to the nearest $0.01.

FINDING EXACT INTEREST

Find the exact interest on:

I. $1,000,000 for 60 da. at 4%.

2. $2,000,000 from June 1 to Aug. 15 at 4%. 3. $2,500,000 from Apr. 1 to June 15 at 41%. 4. $1,500,000 from July 2 to Oct. 15 at 31%.

5. $2,000,000,000 from Sept. 20 to Dec. 15 at 41%.

6. $3,000,000,000 from June 15 to Sept. 1 at 43 %.

7. Show that the common interest on $100 for 72 da. at 6% is the same as the exact interest for 73 da. on the same principal at the same rate.

CHAPTER IV

MEASURES

Refer to the tables at the end of the book, if you have forgotten any of the facts required in these exercises. Then learn these facts, as you will need them in solving problems of daily life.

LIQUID MEASURE

1. Write the table of liquid measure, using proper abbreviations.

2. A barrel (31 gal.) of vinegar will fill how many 5-gallon kegs? how many gallons over?

3. When the cup or the glass is used as a unit of measure, 2 cups or 2 glasses are estimated to the pint. How much money is received from a gallon of milk sold at 10¢ a glass?

4. Estimating 12 tablespoonfuls to a cup, how many tablespoonfuls are there in a pint?

5. A gallon contains 231 cu. in. How many cubic inches are there in a quart? in a pint? in a cup?

6. Reduce 2 gal. 2 qt. to quarts; to pints; to gallons.

7. A gallon of soup is estimated to make 24 portions. Each order is what part of a pint?

8. A measure called a barrel is equal to 31 gal. and a measure called a hogshead is equal to 63 gal. How many barrels are there in a hogshead?

24

9. When half cream and half milk is sold at 30¢ a glass, this is how much more than cost when milk is 16¢ a quart and cream 70¢ a quart?

DRY MEASURE

I. Write the table of dry measure, using proper abbreviations. 2. How many quarts are there in a bushel? how many pints? 3. A 2-bushel bag of seed corn will make how many pint packages?

4. Reduce 1 bu. 3 pk. to pecks; to quarts; to bushels; to pints.

5. Estimating that 2 tablespoonfuls of sugar weigh an ounce, how many tablespoonfuls of sugar are there in a pound of sugar? How many teaspoonfuls, 1 tablespoonful being equal to 3 teaspoonfuls?

6. A bushel of potatoes means 60 lb. of potatoes. How many bushels are there in a shipment of 13,236 lb. of potatoes?

7. Onion sets weigh 28 lb. to the bushel. How many ounces of onion sets should be given to a quart?

8. A bushel of wheat means 60 lb. of wheat. What is the value of 30,630 lb. of wheat at $1.48 a bushel? at $2.06 per cwt.?

9. A bushel contains 2150.42 cu. in. How many cubic inches are there in a peck? in a quart? in a pint?

IO. Is .8 of 2150.42 cu. in. nearly 1 cu. ft.? If the number of cubic feet in a bin is multiplied by .8, is the product nearly equal to the number of bushels it contains? Why?

II. A bushel of apples means, in many states, 50 lb. of apples. Four medium sized apples weigh a pound. What does a fruit dealer receive for a bushel of such apples if he sells them at 5¢ each? If he sells them at the rate of 2 for 5¢?

12. Three medium sized potatoes weigh a pound. A bushel (60 lb.) of potatoes of this size will last a family of five how many meals, allowing each member of the family two potatoes to a meal?

13. A bushel of peanuts means, in most places, 22 lb. of peanuts. How many ounces should be given for a quart in selling peanuts? If they were bought wholesale at $3.20 a bushel, what was the cost of a quart? What was the cost of a pound?

14. A bushel of potatoes will make about 150 orders of French fried potatoes. How much was received for a bushel of potatoes served in this way at 20¢ an order? Estimating one half of the amount received from these orders as profit, what is the profit? If the potatoes cost $1.50 a bushel, what was the cost of the potatoes in one order?

15. Mr. Morris sold a bushel of plums, one half in quart boxes and one half in pint boxes. He sold the quart boxes at 20¢ éach and the pint boxes at 12¢ each. How much did he receive for the bushel of plums?

16. How many more cubic inches are there in a quart dry measure than in a quart liquid measure (see problem 9, page 103 and problem 5, page 102)?

17. Four persons went to a peach orchard and bought 3 bu. of peaches for canning. They divided them equally. How many pecks did each buy? The peaches cost $1.60 a bushel. How much did each pay?

MEASURES OF WEIGHT

1. How many ounces are there in a pound? What is the abbreviation for pound or pounds? What is the abbreviation for ounce or ounces?

2. How many ounces are there in lb.? in lb.? in lb.? in 1 lb.?

3. What part of a pound is 8 oz.? 4 oz.? 6 oz.? 12 oz.? 14 oz.? 4. Express each of the following as pounds:

1 lb. 4 oz. 2 lb. 8 oz.

3 lb. 12 oz.

1 lb. 10 oz. 1 lb. 14 oz.

5. A bushel of coarse salt weighs 56 lb. Express in pounds the weight of a quart of coarse salt; a barrel (5 bu.). weight of a quart in ounces; in pounds and ounces.

Express the

6. A barrel of flour (196 lb.) will make how many 12-pound sacks and how many pounds over?

7. How many pounds are there in a short ton (T.)? <

8. A strip of bacon weighing 61⁄2 lb. was sold for 28¢ a pound. The rind was removed from a piece of the same weight, which then weighed 51⁄2 lb. and sold sliced for 40¢ a pound. How much more money was received for the second piece than for the first?

9. A turkey whose live weight was 16 lb. 9 oz. weighed when dressed 11 lb. 14 oz. What was the loss in dressing?

10. Estimating 12 tablespoonfuls to a cup and 14 tablespoonfuls of milk to the ounce, what is the weight of a cup of milk? How many cups of milk will weigh a pound? A cup is what per cent of a pound?

II. In some states, grains, potatoes, and some other commodities are sold by the hundredweight (1 cwt.). Shipments on railroads are frequently charged for by the hundredweight. Find what potatoes are selling for per hundredweight when they are selling for $1.34 per bushel (60 lb.).

12. When potatoes are selling at $1.90 per 100 lb., what is the selling price of a pound of potatoes? of a bushel?

13. At $9.25 per 100 lb. what did a farmer receive for 2 steers, one of which weighed 960 lb. and the other 1036 lb.?