Art. 138. Since, by multiplying any given sum or quantity by a decimal fraction, we obtain as great a part of the given sum or quantity for a product as the decimal is of a unit, we can find the amount of any per centage, or number of per cent., of any given sum or quantity by the following rule. RULE. Multiply the given sum or quantity by the decimal expressing the required per cent., the product will be the amount of per centage. 1. What is 1 per cent. of 25 dollars? 2. What is 2 per cent. of 50 dollars? 3. What is 3 per cent. of 75 dollars? 4. What is 4 per cent. of 100 dollars? 5. What is 5 per cent. of 125 dollars? 6. What is 6 per cent. of 150 dollars? 7. What is 7 per cent. of 175 dollars? 8. What is 8 per cent. of 200 dollars? 9. What is 9 per cent. of 225 dollars? 10. What is 10 per cent. of 250 dollars? 11. What is 12 per cent. of 275 dollars? 12. What is 15 per cent. of 300 dollars? 13. What is 20 per cent. of 325 dollars? 14. What is 25 per cent. of 350 dollars? 15. What is 50 per cent. of 375 dollars? 16. What is 75 per cent. of 400 dollars? 17. What is 100 per cent. of 425 dollars? 18. What is 125 per cent. of 450 dollars? 19. What is 2 per cent. of 475 dollars? 20. What is 34 per cent. of 500 dollars? 21. What is 4 per cent. of 525 dollars? per cent. of 550 dollars? per cent. of 575 dollars? per cent. of 600 dollars? 22. What is 5 23. What is 6 24. What is 7 25. What is 127 per cent. of 625 dollars? 26. What is 27. What is 28. What is 29. What is 30. What is 31. What is 32. What is 33. What is 34. What is of 1 per cent. of $650.25? Ans. .25 cents. Art. 139. 35. What is 43 per cent. of 1728 dollars? Since per cent. cannot be exactly expressed by a decimal fraction, we first find 4 per cent. by multiplying by .04 hundredths, and we then 4 per cent. multiply by of 1 hundredth; the per cent. sum of the products is the answer required. $74.88 Ans. 36. What is 334 37. What is 663 38. What is 8 39. What is 5 40. What is 15 per cent. of 750 dollars? Ans. $250.00. per cent. of 900 dollars? Ans. $600.00. per cent. of 600 dollars? Ans. $49.00. per cent. of 500 dollars? Ans. $29.163. per cent. of 1500 dollars? Ans. $235.50. The amount of per centage on any sum of English Money may be found by first changing the lower denominations to the decimal of a pound, and then multiplying by the decimal expressing the required per cent. 41. What is 5 per cent. of £125. 10s. 6d. ? 42. What is 6 per cent. of £750. 17s. 6d. ? 43. What is 7 per cent. of £75. 44. What is 83 per cent. of £45. Ans. £45. 1s. 6d. 18s. 9d.? 6s. 8d. ? Ans. £3. 19s. 4d. 45. What is 15 per cent. of £1275. 15s.? Ans. £191. 7s. 3d. 46. What is 20 per cent. of £575. 15s.? COMMISSION. Art. 140. COMMISSION is the per centage charged by agents for transacting the business of others, and they usually charge a specified per cent. on the amount of money employed in the transaction. An agent who is employed by merchants and manufacturers in purchasing and selling goods is called a Commission Merchant, or Factor. To find the amount of commission, multiply the given sum by the decimal fraction expressing the given per cent., and the product will be the amount of commission required. 1. A commission merchant sold a quantity of cloth for a manufacturer amounting to $750.75, and charged a commission of 21 per cent.; what was the amount of his commission? Ans. $18.76875. 2. An agent purchased goods for his employer to the amount of $675.25, and charged 12 per cent. commission; how much did he receive for his services? Ans. $11.816875. 3. An auctioneer sold furniture to the amount of $1250; what did his commission amount to at 2 per cent.? Ans. $32.8125. 4. What amount of commission should my agent in Albany charge me for purchasing 500 barrels of flour on my account, at $5.25 a barrel, at 2 per cent. commission on the amount? 5. My agent, after selling merchandise for me to the amount of $1250.75, deducted his commission of 2 per cent., and remitted the balance; what was the amount of his commission? and how much did he remit? 6. A factor has in his possession $525, and being directed to invest it in purchasing cotton, what sum can he invest, after deducting his commission of 5 per cent. on the purchase? As his commission of 5 per cent. on every $100 invested is $5, if we add $5 to $100, the amount is $105; hence the sum to be invested is 188 of $525, which is $500. 7. My agent in England had in his hands $3895, which I directed him to lay out in the purchase of railroad iron at $95 a ton; how many tons did he purchase with the balance remaining to be invested, after deducting his commission of 24 per cent. on the purchase? INSURANCE. Art. 141. INSURANCE is a contract or agreement, by which an individual or company engages, for a stipulated premium, to indemnify the person insured from loss or damage to the property at risk by certain perils enumerated in the contract. The individual or company who takes the risk is called the Insurer or Underwriter; the person protected by the insurance is called the Insured; the sum paid is called the Premium; and the instrument containing the contract is called the Policy. The premium is a specified per cent. or number of hundredths of the amount of property insured. Hence, to find the amount of premium, we multiply the sum insured by the decimal fraction expressing the per cent., the product will be the amount of premium. 1. What amount of premium must be paid for insuring a house against fire, which is worth $5000, at a premium of § of 1 per cent.? Ans. $31.25. 2. A gentleman obtained a policy of insurance on his furniture to the amount of $2500, at 14 per cent. a year; what amount of premium did he pay each year? Ans. $31.25. 3. A merchant obtained a policy of insurance on his stock of goods, valued at $7500, at a premium of 21 per cent. a year; what amount of premium did he pay annually? Ans. $187.50 4. A manufacturer effected an insurance to the amount of $25000 on his buildings and stock, at a premium of 38 per cent. a year; what amount of premium did he pay yearly? 5. A merchant shipped 1500 barrels of flour, valued at $6000, from New York to Liverpool, and effected an insurance at a premium of 21 per cent.; what was the amount of premium? 6. A merchant in New Orleans shipped a cargo of cotton to Liverpool, valued at 25000 dollars, and obtained a policy of insurance on the amount at a premium of 27 per cent.; what was the amount of premium? 7. The estimated value of my house is 5000 dollars. If I should obtain insurance upon of its value, at a premium of of 1 per cent., what would be the amount of premium? If it should be destroyed by fire while insured, what should I save by having my house insured? STOCKS. Art. 142. STOCK is a general name for the capital of moneyed institutions; such as Banks, Manufactories, Railroads, Insurance Companies, United States Bonds, State Bonds, &c. The capital stock of an institution is usually divided into equal shares, and the evidences of ownership are called certificates of stock. The par value of a share is its original cost or sum named in the certificate or bond. The real value of a share, at any time, is the sum for which it can be sold. When a share can be sold for more than its original cost, it is said to be above par, or at a premium. When the market value of a share is less than its original cost, it is said to be below par, or at a discount. If $100 of stock can be sold for $115, the stock is 15 per cent. above par; if it can only be sold for $85, it is 15 per cent. below par; the per centage of premium or discount is always to be estimated on the par value. The amount of profit arising from stocks is divided among the stockholders, at regular periods, each receiving a certain per cent. of the par value of his shares. 1. The semi-annual dividend of the Merchants' Bank, in Boston, has usually been 33 per cent. on its capital stock; what sum did a stockholder receive semi-annually, who owned 25 shares, the par value of each share being $100? Ans. $87.50. 2. A person purchased 5 shares of the Boston and Lowell railroad stock, at a premium of 171 per cent., the par value of each share being $500; what did the 5 shares cost him? Ans. $2937.50. 3. A capitalist deposited $5100 with a broker, to be invested in bank stock; the broker charged 2 per cent. commission on the amount paid for the stock; what was the value of the stock purchased? What was the amount of commission? Ans. $5000 value of stock purchased. $100 amount of commission. 4. Suppose I wish to invest $5700 in bank stock which is 5 per cent. below par; what amount will it purchase at the par value? Ans. $6000. |