6. Find how much must be paid for a sight draft for $1000 at $1.25 premium.

7. Find how much must be paid for a sight draft for $2000 at $2.50 premium.

8. Find the cost of remitting $800 from Dallas to Chicago by means of a bank draft when exchange is 1% premium.

9. Find the cost of a sight draft on Chicago for $700, exchange being at % discount.

10. Find the cost of a sight draft on New York for $400 when exchange is % discount.

11. Find the cost of exchange on a draft for $1000, exchange being 3% premium.

12. Find the cost of an express order for $1200 at the rate of 30 per $100.

13. If you had to remit $200 to Chicago when exchange is 1% premium, which would you prefer, to buy exchange or to buy an express money order at the rate of 30% for $100?

14. What is the cost of an express money order for $1000?

15. What is the cost of a sight draft for $3000 at $1.50 premium?

16. What is the cost of a sight draft for $3000 at $2.50 premium?

Example. What is the cost of a draft on Buffalo for $800, payable in 30 da. at 6% interest, exchange being at the rate of 1% premium?

SOLUTION:

The interest on $800 for 30 da. at 6% = $4.00.
Cost of exchange = 1% of $800 = $2.00.

The cost of the draft = $800+ $2-$4 $798.

=

17. Find the cost of an express money order for $1400 at 30 for $100.

18. Find the cost of a draft for $10,000 at 1% discount.

19. Find the cost of a draft for $600 payable in 30 da. without grace, the rate of interest being 6%, exchange being 1% premium.

20. Find the cost of a draft for $1000 payable in 30 da., exchange being at par and the rate of interest being 8%.

21. Find the cost of a 45 da. draft for $900, exchange being at 1% discount, and the rate of interest being 6%.

VALUE OF FOREIGN COINS IN UNITED STATES MONEY (Proclaimed by the Secretary of the Treasury Oct. 1, 1906)

The Circulars of the Secretary of the U. S. Treasury, issued every 3 months, fix the legal equivalent of the monetary units in the principal countries. In countries which have adopted the silver standard monetary units fluctuate in value, owing to changes in the market value of silver.

R

Example 1. Express $100 in florins (Netherlands).

1. Express the value of £1 in French currency; in German currency; in Austrian currency.

2. Change to United States currency (a) 450 francs, (b) 550 pesetas, (c) 280 Norwegian crowns, (d) 900 marks, (e) 200 colons, (ƒ) 720 Austrian crowns, (g) 450 Danish

crowns.

3. Find in United States currency the difference in value between 1000 francs and $198.

4. Find the value of $1000 (a) in the money of Costa Rica; (b) in Austrian currency; (e) in Swedish currency.

5. What is the equivalent in United States money of 200,000 bolivars (Venezuela)?

6. What is the equivalent in United States money of 10,000 Mexican pesos?

7. Express $1 in Peruvian monetary units.

8. Express $1 in Norwegian monetary units.

9. Find in United States currency the difference between the value of 10,000 Japanese yen and $5000. 10. What is the value of 10,000 Portuguese milreis?

The abbreviations £, s., d., are the initial letters of the names of the Roman coins, libra, solidus, denarius.

EXERCISE 131

1. What is the equivalent of 78. 54d. in U. S. currency?

78. 5}d. = (7+

5.75
12

8.7.4791668.£.373958.

$4.8665 x .37396 $1.82.

2. The average freight rate on wheat per bushel for the year 1906 from Chicago to New York was:

By lake and canal 5.944.

By lake and rail 6.48.

By all rail delivered to steamer 8.10, and from New York to Liverpool 1d.

Find the cost of shipping 5 carloads of wheat averaging 79,000 lb. from Chicago to Liverpool.

(a) By lake and canal to seaboard and thence by

steamer.

(b) By lake and rail to seaboard and thence by steamer. (c) By rail to seaboard and thence by steamer.

3. Find the cost of shipping from New York to Liverpool 12,000 bu. of wheat at 1d. per bu.

4. Find the cost of shipping 50 tons of sacked flour from Chicago to Liverpool at 10.11d. per 100 lb.

5. Find the cost of shipping from Galveston to Liverpool :

(a) 10,884,000 lb. of cotton at 18. 61d. per 100 lb.

(b) 19,490 bu. of wheat at 3d. per bu.

(c) 37,920 bu. of corn at 5d. per bu.

6. Find the cost of shipping from St. Louis to Liverpool via New Orleans :

(a) 6475 bbl. of flour at 1s. 81d.

(b) 97330 bu. wheat at 7ğd.

In examples 5 and 6 take £1 = $4.80.