5. A merchant instructs his agent to buy wheat to the amount of $3483. How much must he remit to "settle the bill, the agent's commission being 3%, and the freight $17? Ans. $3616.10. 6. What is a real estate agent's fee, at 8%, for selling a house for $14680, and a lot for $7620? Ans. $1784. 7. How much will a commission merchant receive for selling 360 bbl. of pork, at $11.25 per bbl., rate of commission 164 per bbl.? Ans. $57.60. 8. A lawyer having a bill of $670 to collect, agrees to settle for 90%; what is his commission at 31% ? Ans. $21.11. 9. What are the net proceeds on the sale of 6700 lb. of leather at 254 per lb., storage 124 per 100 lb., and commission 5% ? 10. What are the net proceeds after allowing a commission of 6%? Ans. $1583.21. of a sale of $7000, The commission? Ans. $6580; $420. 11. A freight broker procures transportation for 350 tons of merchandise at $3.50 per ton; what is his commission at 1%? Ans. $6.12. CASE II. 26. To find the base, when the rate and the commission or the net proceeds or the remittance are given. 1. If an agent received $20 for selling goods, at the rate of 10%, what amount did he sell? SOLUTION.-Since his commission was 10%, he received of the Hence of the sales $20; and 18, the whole amount sales. What amount of sales will give : 2. $24 commission, at 4%? ? $30 at 10%? 7. $350 commission, at 25% ? 8. $500 commission, at 20% ? 9. $450 commission, at 334%? 10. $600 commission, at %? $120 at 2% ? $300 at 3% ? 11. How much of a remittance of $78 may an agent invest and retain his commission at 4% ? = SOLUTION. Since the commission is 4%, it is equal to of the investment. += = the remittance. Since = $78, $75, the investment. Or, since $1 of the investment $1.04 of the remittance, he can invest as many dollars as $78÷ $3; and = $1.04= = $75. Find investment from: 12. $63 remittance, at 5%. 13. $104 remittance, at 4%. 14. $350 remittance, at 16%. 15. $510 remittance, at 2%. 16. $434 remittance, at 84%. $88 remittance, at 10%. WRITTEN. EXERCISES. 1. A merchant sent his agent in New Orleans $18540 to be invested in cotton, after deducting his commission at 3%; what was the investment? 2. A commission merchant received $647.25 for selling a quantity of wheat at a commission of 7%; what was the amount invested? RULE.-To find the base, divide the commission by the rate, or the remittance by 100% plus the rate, or the net proceeds by 100% minus the rate. . Formula: B = C÷R, or Rem. ÷ (100% + R), or N P÷(100% − R). 3. Mr. Jenkins sent his agent $5125 to be invested in flour, after deducting his commission at 21%; what was the amount of the investment? Ans. $5000. 4. An agent received $2543.75 to be invested in cloth, after deducting his commission of 13%; what was the value of the cloth ? Ans. $2500. 5. A cotton broker, charging 6%, received $200.10 for selling cotton; what was the amount of the sale? 6. A lawyer received $34.37 for collecting a bill at 21%; what was the amount of the bill? Ans. $1374.80. 7. A salesman has an income of $4500 a year, by selling goods at a commission of 4%; what are his yearly sales? Ans. $112500. 8. A collector remits $13059.11 after retaining 3% on the amount collected; what was the amount collected? Ans. $13463. 9. An agent received $4500 to be invested in flour at $9 a barrel, after deducting his commission at 25%; how many barrels did he buy? Ans. 400 bbl. 10. I sent my agent $12630 to buy 80 horses; if he paid $160 for transportation, $50 for their keeping, and charged 3% commission, what did the horses cost him a piece? Ans. $150. 11. Mr. White sold grain on commission at 8%, through an agent, who charged him 5%. If Mr. White's commission, after paying his agent, was $189, what amount did he send his employers? Ans. $5796. 12. The net proceeds of a shipment of 250 tons of hay, after deducting a commission of 4%, and $630 for freight, was $3210. What was the selling price per ton? Ans. $16. STOCKS. 27. A Company is an association of persons for the transaction of business. 28. A Corporation is a company authorized by law to act as a single individual. When a company is not incorporated it is called a partnership or firm. The nature, powers, and obligations of a corporation are defined by an act of the Legislature, called a charter. 29. The Stock of a company is the capital invested in the business. 30. A Share is one of the equal parts into which the capital is divided. The value of a share is $100, unless otherwise stated. 31. A Bond is an interest-bearing note of a government or a corporation, 32. Bonds are generally named according to their rate of interest and date of maturity. Thus, U. S. 41%'s, '91, signifies United States Bonds bearing 44% interest, and payable in 1891. 33. Stocks are the shares of companies and the bonds of governments. 34. Certificates of stock are the papers issued by a corporation, and indicating the number of shares belonging to each of its stockholders. 35. An Installment is a sum required of the stockholders as a payment on their subscription. 36. An Assessment is a sum required of the stockholders to cover the losses or expenses of the business. 37. A Dividend is a sum paid to the stockholders from the gains of the business. 38. The Par Value of stock is the value marked on its face. 39. The Market Value of stock is the price for which it sells. It is also called real value. 40. Stock is at par when the selling price and the par value are equal. When it sells for more than its par value, it is said to be above par, or at a premium ; and when it sells for less than its par value, it is said to be below par, or at a discount. 41. Stock-jobbing is the business of buying and selling stocks in order to realize profit from their rise and fall in the market. 42. A Stock Broker is a person who buys and sells stocks, either for himself or others. |