38. The surface of the earth contains about 144 million square miles of water, and about 53 million square miles of land. What per cent of the entire surface of the earth is water?

39. From a cask containing 120 gal. of oil, 6 gal. 2 qt. leaked out. What % was lost?

478. The operations in percentage, illustrated above, may be expressed by the following formulas:

For additional examples in percentage, see page 253.

PROFIT AND LOSS.

479. Oral Exercises.

a. How much money is gained by selling goods at 25% above cost, the cost being $8? $10? $1.60 ?

b. How much money is lost on goods which cost $24, by selling them at a loss of 25%? 50%? 12%?

c. At what price must paper which cost $2 a ream be sold to gain 10%? 20%? 25%? 50%? 100%?

d. At what price must hats which cost 80 be sold to lose 10%? 5%? 25%? 50%? 12%?

e. What must have been paid a pound for nutmegs if by selling them at $1.00, there is a gain of 25%? 33%? 10%? f. What was the cost of gloves which sold for $1.00 a pair at a loss of 20%? 50%? 33%? 25%?

g. What per cent is gained if goods costing 10 a yard are sold for 11? 12? 15? 20?

h. What per cent would be lost if goods costing 15 a yard were sold for 12 ? 10? 9¢?

i. A drover bought cows at $25 a head, and paid $7 each to get them to market. If he sold them at $ 40 a head, what per cent did he gain?

j. What is the cost of goods when a gain of 20% a yard in selling is 10% of the cost? 5%? 8% ? 50%? 12%?

k. What was the length of a piece of cloth before shrinking, if when shrunk 6 inches, it was shortened 1%? 2%? 3%? 4%?

480. The difference between the cost of goods and the price at which they are sold is a profit or a loss.

481. Profit and loss may be reckoned as percentage, the cost being taken as the base. Hence the rules of percentage already illustrated apply to profit and loss.

482. Examples for the Slate.

40. A farm which cost $ 6842 was sold at a gain of 16%. What was received for it?

41. A lot of coal was bought for $750. For what must it be sold to gain 331%?

42. If 2000 reams of paper were bought for $ 1500, at what price per ream must it be sold to gain 40%?

43. A merchant sold a cargo of wheat at 12% profit, and gained $746.25. What was the cost?

44. By selling a farm for $ 2760, a man gained on the cost 15%. What was the cost?

45. What was my property worth 5 years ago, if it has increased 150%, and is now worth $17500?

46. A man sold a picture for $275 at a loss of 16%%. What did he pay for it?

47. If I pay

45 a pound for tea, and sell it at 56%, what per cent do I gain?

48. What was the original value of a share in a bridge, which, selling at an advance of 35%. brings $780 ?

49. What is the per cent of gain if goods which cost $7500 sell at a gain of $1875?

50. A grocer sold 280 barrels of apples for $708.40. If he paid $1.40 per barrel for the apples, and 44 a barrel for transportation, what per cent did he gain?

51. A merchant bought carpetings at 85%, $ 1.20, and $1.50 a yard. At what prices must he sell them to make 20% profit? 52. If $1000 be paid for goods of which one half sells for $640, and the remainder for $300, what is the per cent of loss?

53. Bought paper at $1.75 per ream, and sold it at 20 cents per quire. What per cent did I gain?

54. A dealer bought 10 gross of combs at $12.50 a gross. If he sold 50 of the combs at 20 cents apiece and the rest at 18 cents apiece, what per cent did he gain?

55. If 150 beeves are bought at the rate of $42.50 each, and 30 at the rate of $45.00 each, and the lot is sold for $10300, what per cent is gained?

COMMISSION.

483. One person is sometimes employed to buy goods or collect money for another, and is allowed for the service a percentage on the amount he lays out or collects. This percentage is called commission.

484. A person employed to transact business for another is an agent or factor.

485. A person who sends goods to another for sale is a consignor, and the person to whom the goods are sent is a consignee.

486. The remainder, after the commission and other charges of a sale are deducted, is the net proceeds.

487. Commission being a percentage, of which the money expended or received is the base, the rules of percentage already illustrated apply to commission.

488. Examples for the Slate.

56. At 1% commission, what is the commission on the sale of 4750 pounds of sugar at 74 cents per pound?

57. A factor in Mobile purchased for the Pacific Mills $ 90000 worth of cotton at 13% commission. What was the bill for cotton and commission?

58. If an auctioneer sells on a commission of 8%, 14 chairs at $1.25 each, 1 table for $10, and a miscellaneous lot for $53.70, what is his commission, and what sum will be due the person for whom he makes the sale?

59. A lawyer collected 25% of an account of $ 680, charging 5% commission. What was his commission, and what sum should he pay over?

60. What is the commission on the sale of 200 yards of cloth at $4.80 per yard, 6% being paid for selling, and 21% for guaranteeing payment?

61. What are the net proceeds from the sale of 1250 barrels of flour at $5.50 per barrel, charges for freight and storage being 40 per barrel, commission for selling being 2%, and for guaranteeing payment 14%?

62. An architect charged $139.75 for plans and for superintending the building of a house. If his commission was 2%, what was the cost of the house, including his commission?

63. What is the per cent of commission when an agent reserves to himself $270.00 of $9270, sent him to invest?

489. ILLUSTRATIVE EXAMPLE. What part of a remittance of $328.25 will remain to be invested after 1% of the investment has been deducted?

Solution. The remittance contains both the investment and the commission upon it. The commission being 1% of the investment, the remittance must be 101% of the investment. Hence $328.25 1.01 $325, the investment.

=

64. I send to my agent at Havana $1224. What part of this sum will remain to invest in sugars, after deducting his commission of 2% on what he lays out?

65. How many barrels of flour at $5 each can a factor purchase with a remittance of $2575, after deducting his commission of 3%?

66. A real estate broker received $2593.75 for the purchase of land. Reserving 33% commission on the purchase, what number of acres of land could he purchase at $125 per acre?

67. If $109.65 is sent to an agent to purchase 2000 pounds of sugar at 53 cents per pound, and to pay his commission on the purchase, what % is the commission?

68. An agent sold 62 lawn-mowers at $20 each, and 18 at $15 each. If, after deducting his commission, he remitted $1057 to the manufacturer, what was the % of his commission? 69. Find the balance of the following account of sales:

Account of Sales of Forty-nine Tubs Butter,

Sold on account of Messrs. H. M. Ball & Son, By COON, BRO., & CO.

1877.

Mar. 13. 33 Tubs...2095* 339+ 1756 259

a. Supplying names and dates, write an account of the sales given in Example 58.

b. In the same way write an account of the sales give in Example 61.

* Gross weight.

+ Weight of tubs.

‡ Net weight.