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cotton averaging 460 pounds each; the cotton was sold at 11d. per pound. What was the amount of sales in United States money, premium being 10%, and what was the broker's commission at 14% upon the sales?

11. Reduce $200 to sterling money when exchange on England is 10% advance. 200 × 9 × 100 40£. 18s. 2d., Ans.

40 X 110

12. Reduce $575 to sterling money at 93% advance.

13. When exchange is 9% premium, what is the value of $6874.40?

14. What will a merchant gain by buying 4000 bushels of corn in Albany at 65 cents per bushel, paying for shipping and other expenses 30 cents per bushel, and selling it in Liverpool, England, at 4s. 9d. per bushel, when exchange is 10% premium?

15. A merchant in 1864 shipped to Liverpool 5000 pounds of butter, which cost him in New York 35 cents per pound; he paid 4% for freight and other expenses, and sold it in Liverpool for 11d. per pound. Exchange being 120% premium, did he gain or lose, and how much?

16. What is the cost of a set of exchange on Paris, for 6000 francs, exchange being 6 francs per dollar?

17. What is the cost of a set of exchange on Paris for 4500 francs at 5% premium, the value of 1 franc being 18 cents?

18. Mr. James Payne, an American gentleman, while travelling in England received the following draft; what was the cost of the draft in America, the premium being 41% in favor of England?

£127

BOSTON, Aug. 23, 1863.

At sight of this, our first Bill of Exchange (second and third of same tenor and date unpaid), pay to the order of James Payne, in Manchester, one hundred and twenty-seven pounds sterling, value received, and charge the same to our account.

J. E. THAYER & BRO. To Messrs. CALMONT BROS. & Co, Bond Street, London.

For Dictation Exercises, see Key.

353. QUESTIONS IN REVIEW.

What is PERCENTAGE.

From what is per cent. derived? In what

four ways represented? Represent % decimally.
How is a per cent. reduced to lowest terms?
How is a common fraction reduced to a per cent.?
What is the complement of any rate per cent.?

Reduce to a per cent.; represent it decimally; find its complement, and reduce that to its lowest terms.

How do you find any required per cent. of a number?

Name the applications of percentage in this book. (See Contents.) Upon what is the percentage of PROFIT or Loss reckoned?

If goods cost 24 cents, for what must they sell to gain 81%? to lose 16%? What per cent. would be gained or lost by selling the above at 30 cents? at 21 cents? If 24 cents is 20% less than the value of goods, what is the value? if 24 cents is 33% more than value? If 18 cents is 10% less than cost, for what would you sell to gain 10%? to lose 25% ? If 10% of what you receive for goods is gain, what is your gain per cent.?

What is INTEREST? principal ? amount? legal rate? usury?

Usual rate in United States? Rule for finding interest on $1 at 6%? on any sum?

At 6%, in what time will a sum double? will the interest equal of the principal? ? ? ? ? ? ? A? A? A ? to? 100 ? 1000?

At 6%, what part of the principal is the interest for 1 mo.? for 3 mo. ? 5 mo.? 6 mo. ? 11 mo.? 13 mo. 10 d.? 1 y. 4 mo. 20 d.? 1 y. 8 mo.? 5 y. 6 mo. 20 d.?

What is the interest on $1 for 3 y. 4 m.? 6 d. ? 3 d.? 1 d.? 20 d.? 331 mo. ?

How obtain interest at any rate besides 6% ?

How obtain interest on pounds, shillings, &c.?

What is the rule for reducing shillings, pence, and farthings, to decimal of 1£ by inspection? What is the value of 1s. in decimal of £1? 3s.? 5s.? 1 qr.? 12 qr.? 6d. ? 9d.?

Name the first month in the year; the fourth; the seventh; the tenth; third; twelfth; ninth; fifth; eighth.

How many months and days forward from June 7th to the 2d of each of the above? from November 15th? from March 28th?

What are PARTIAL PAYMENTS? What is the legal rule for partial payments? How is the record of payments kept? What are the pay

ments called? Suppose an endorsement will not cancel the interest ? Rule in common "se when the note is paid within one year? Rule for annual interest?

What is COMPOUND INTEREST? How often may interest be compounded? For how many periods of time will interest be compounded in 2 y. 9 mo., if it is compounded semi-annually? quarterly? monthly? What three factors are employed to produce interest? The interest, principal, and rate being known, give the rule to find time. The interest, principal, and time being known, give the rule to find rate. The interest, rate, and time being known, give the rule to find principal. What is the dividend in each case? To find time, for what time do you take interest for a divisor? to find rate, at what rate? to find principal, on what principal? Amount, rate, and time being known, give rule to find principal.

What does PRESENT WORTH embrace? What is discount? Give rule for present worth. How find discount? How prove the work? What the face of a note? What What is a PROMISSORY NOTE?

is bank discount? What are days of grace? avails of a note?
Which is the larger, true or bank present worth? true or bank
discount ?

Describe the process of getting a note discounted at a bank.
What is endorsing a note?

Rule for finding the face of a note, which, discounted at a bank, will yield a certain sum?

What is COMMISSION? BROKERAGE? What are STOCKS? When are stocks above par? below par? at an advance? discount? premium? Upon what is the per cent. of commission or brokerage estimated? What is the rule for finding what sum is to be laid out when a remittance is made which contains that sum together with the commission? How obtain commission ?

What is INSURANCE? policy? premium? What are underwriters? What is the rule for finding the policy which will cover a certain sum and the premium?

What is EQUATION of PAYMENTS? the interest rule? Rule for equating an account?

What are TAXES? polls? real estate? personal property? assessors? How find tax on $1?

What are CUSTOM-HOUSES? DUTIES? What is a specific duty? an ad valorum duty? leakage and breakage? tare? tonnage of vessals? gross weight? net weight?

What is a DRAFT? Who is the drawer? the drawee? the payee? the holder? What is the endorsement of a draft? the acceptance?

What is a BILL OF EXCHANGE? What is Inland Exchange? Foreign Exchange? When a bill negotiable? when at a premium? when at a discount? Define course of exchange; a set of exchange. Give the rule for finding the value of a draft; for finding the face of a draft.

What is the nominal value of 1£ sterling? the legal value? the intrinsic value?

Upon what is Sterling Exchange reckoned?

[blocks in formation]

1. Reduce to a per cent.

2. Represent 15% decimally.

3. Reduce 1061% to its lowest terms. 4. Find the complement of 843%.

5. What is 124% of 5 T. 3 cwt.?

6. What is the amount at 6%, simple interest, of $38.75, from Aug. 5 to Nov. 10?

7. What is the amount of $380.25, at 6% compound interest, for 2 yrs. 5 mo. ?

8. What is the simple interest, at 5%, of 10£. 8s. 6d., for 4 yrs. 2 mo. ?

9. What is the compound interest of the above at the same rate and for the same time?

10. $2500.

CHICAGO, April 4, 1862.

In three months from date, I promise to pay JOHN PEIRCE, or bearer, twenty-five hundred dollars, with interest after at 6%, value received.

The above was endorsed as follows: $1010 $100 Aug. 10, 1864; $1000 Jan. 1, 1865. due?

P. T. IVISON.

March 28, 1863;
What was still

11. At what per cent. must $450 be on interest 9 months to gain $13.50?

12. I received $7.35 for the use of $150 a certain time at 7%. Required the time.

13. Lent a certain sum for 1 y. 6 mo. at 5%; the interest being $9.40, what was the sum?

14. What principal will amount to $63.25 in 1 y. 3 mo. at 8%?

15. $150.25.

On the fifteenth of May, 1860, I B. F. TWEED one hundred fifty at 6%, value received.

WINTHROP, Jan. 5, 1860.

promise to pay to the order of dollars, with interest after, D. D. DANIELS.

If the holder of the above have it discounted at a bank Feb. 15, 1860, what will he receive?

16. What will be the true present worth of the above at its date?

17. What would settle the above Oct. 27, 1860?

18. What would settle the above at compound interest Oct. 27, 1865?

19. What must be the face of a note, which, discounted at a bank for 30 days and grace, would yield $500?

20. In what time will a sum of money double at 2% simple interest?

21. Find the commission for selling the following lot of hogs at 21%:

Sales on % of Messrs. BISHOP & TROWBRIDGE,

By BONNEY & WAITE.

7 Hogs, as follows: 293 lb. 317 lb. 300 lb.

Amount,

219 lb. 314 lb. 323 lb. 184 lb.

at 7 cts. per lb.

22. What will a broker's bill be for 5 shares of stock purchased for me at 7% advance, shares having originally been $500, his brokerage at % included?

23. Required the value of 1£ sterling at 9% advance upon the nominal value.

24. What will be the contents of a piece of cloth originally

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