APPROXIMATIONS. 981. Give approximate answers at sight (Art. 890): 1. 487 is what per cent of 960? 2. If 17 bu. 37 lb. of corn cost $8.75, what will 52 bu. cost? 3. About how many cords of wood in a pile 25 ft. long, 4 ft. wide, 5 ft. high? 4. How many bushels (14 cu. ft.) can be placed in a bin 6 ft. long, 5 ft. wide, 4 ft. high? 5. How many acres in a field 50 rods long, 30 rods wide? 6. About how many yards are there in the side of a square field containing 1 acre (4,840 sq. yd.)? 7. At 7 gal. to cu. ft., about how many gallons will a tank hold 6 ft. long, 4 ft. wide, 3 ft. high? 8. 64.3.0987 = ? 9. About how many dollars are equal to £199 17s. 6d.? 10. A mark = 23.84. How many marks in $100? BONDS AND STOCKS. 982. Slate Problems. 1. The people of a certain town wish to build a street railroad. A company is formed. Five hundred shares of stock, of the par value of $100 each, are sold. At the end of 6 months it is found that the profits are $2,000. How much should the owner of 10 shares receive? 2. Profits thus distributed are termed dividends. What % semi-annual dividend is declared on the stock of the above railroad? To what per cent interest per year is it equal? 3. Mr. H. has $4,500 in the savings bank, on which he receives a low rate of interest. Hearing of the success of the new road, he gives that amount for 30 shares of the stock. What price does he pay per share? What per cent of the par value? 4. If the semi-annual dividend is again 4%, how much more income does Mr. H. receive from the railroad stock than he would obtain from the savings bank in six months, interest 4 per cent per annum? 5. What per cent, for six months, does the stock pay on his investment of $4,500? What % per year? 6. If he sells the stock (30 shares) at 164 (per cent), how much more does he receive for it than it cost him? 7. Which investment will pay better, one in a gas company paying 6 per cent dividends annually, their stock selling at 150, the other in a bank paying 7 per cent dividends annually, stock selling at 175? 8. What annual dividend should be declared on railroad stock bought at 125, so that the buyer will receive 4% per annum on his investment? What semi-annual dividend? 9. What will be the cost of 17 shares of canal stock, par value $50, at 937, and 143 shares gas stock, par value $10, at 102? 10. If the above stock is purchased through a broker, what commission does the latter receive at 1% on the par value? 11. A railroad company needing more money to extend its road, issues bonds, promising to pay the holder the face value in twenty years, with interest at 4%. If these bonds are sold at 95, what rate of interest on the money invested does the owner of a bond receive? 12. Government 4 per cent bonds sell for 1161. What per cent interest is received on the amount invested? How is it that these bonds bring higher prices than railroad bonds? 13. Can you state a difference between stocks and bonds as to the rate of income received from each? Bonds are redeemed at maturity. How about stocks? If a railroad prove unsuccessful, which claims are first met, those of the stockholders or those of the bondholders? 14. Why is it necessary sometimes to employ a broker to purchase stocks or bonds? What is his fee called? 15. Mention some other persons, not owners, through whom buyers regularly make purchases. 16. What is the base in the following? (a) Insurance; (b) taxes; (c) brokerage; (d) commission; (e) interest; (f) discount; (g) stocks; (h) bonds. 17. At $24.50 per thousand, what will have to be paid in taxes by the owner of property assessed at $18,750? 18. Mr. Cartwright owns a house and lot worth $36,000. The tax rate is 21%, and his tax bill is $540. What is the assessed value of the property? What per cent of the actual value is the assessed value? 19. If the property in the last problem were assessed at its real value, what should be the rate to make Mr. Cartwright's tax bill the same? 20. For insuring his property, Mr. Cartwright pays a yearly premium of $135. If the rate is %, for how much is his property insured? 21. Reduce 1,674 feet to rods, etc. 22. A man paid $8,575 for bank stock at 245. How many shares, par value $100, did he buy? If a quarterly dividend of 21% is declared, how much should he receive? 23. Reduce 7,481 inches to rods, etc. 24. A woman deposited $100 in a savings bank Jan. 1, 1892. On the first of July, interest at the rate of 4% per annum was calculated, and entered on the depositor's bank book. Jan. 1, 1893, interest on the new principal was placed to the credit of the depositor. The same was done July 1, 1893. How much was there to the woman's credit at the date last mentioned? 25. Reduce 3,793 feet to rods, etc. COMPOUND INTEREST. 983. Find the amount of $375, for 1 year, at 6%. Considering this as a new principal, find the amount for a year, same rate. Find the amount of this last principal for 3 months. 26. What is the amount of $375, for 2 years 3 months, at 6%, compound interest? 27. What is the amount of $375, for 2 years 3 months, at 6%, the interest compounded semi-annually? Find the "compound interest" on $375, for 2 years 3 months, at 6 per cent, compounded semi-annually. 28. What is the amount of $100, at compound interest, for 3 years, interest at 6%, compounded annually? 29. Find the compound interest of $1,800, at 4%, for 2 years, interest compounded quarterly. 30. Find the difference between the simple interest of $100, for 2 yr. 3 mo., at 5%, and the compound interest for the same time, interest compounded semi-annually. $107.6891 (four places of decimals are sufficient.) 984. Compound interest is allowed by savings banks. It is not collectible on notes or other debts. REVIEW. 985. Oral Problems. 1. A capitalist wishes to realize 5% on money invested in stock. What must be the annual dividend on stock costing 300, in order to produce this rate? 2. What will be the taxes on property assessed at $25,000, the rate being $16 per $1,000? 3. Find the compound interest on $1,000, for two years, at five per cent, interest compounded annually. 4. What will be the net cost of an article marked $8, on which a discount of 50, 25, and 10% is allowed? 5. Find the "list" price of an article sold for $10 after a discount of 50 and 50 per cent had been deducted. 6. Paid 90¢ for an article. The discount is 25 and 25 per cent. What is the list price? 7. One boy can do a certain piece of work in 2 hours, a second boy requires 3 hours, a third needs 6 hours. How long will it take the three working together? 8. Sold a cow for $60, losing 25%. 9. Sold a cow for $60, gaining 25%. What was the loss? |