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5. What is the cost of £1500 stock, at 105 per cent.?

Ans. £1576 17s. 6d.

6. Bought £1200 stock. at 84 per cent., and sold it for 851 per cent. How much do I gain by this transaction ?

Ans. £4 10s. 7. Bought £3000 stock, at 95 per cent., and sold it at 933 per cent. How much do I lose? Ans. £106 5s.

CASE II.-To find what quantity of stock can be purchased with a giren sum of money.

RULE.—Add † per cent. to, or subtract it from, the given rate, according as the stock is bought or sold; then, as the sum or difference, as the case may be, is to £100 stock, so is the given sum to the amount of stock required.

EXAMPLES.

1. How much 3 per cent. stock, at 857 per cent., can I purchase for £516?

£857
1

As 86 £100 Stock: £516 £600 Stock.

:

2. What quantity of 3 per cent. stock, at 94 per cent., must be sold to produce £940? £945

As 94: £100 Stock :: £940 : £1000 Stock. 3. What quantity of 34 per cent. stock, at 944 per cent., can be purchased for £755? Ans. £800 stock. 4. What quantity of stock, at 851 per cent., must a person sell to produce £1021 10s. ? Ans. £1200 stock. 5. What amount of 3 per cent. stock, at 82. per cent., can I purchase for £1245 sterling; if the broker's commission be 2s. 6d. per cent., and the banker's 5s. per cent.?

Ans. £1500 stock.

CASE III.—To find what sum must be laid out in a given stock, to produce a given yearly income.

RULE. As the rate of interest the stock bears is to £100 stock, so is the yearly income to the amount of stock to be purchased; then find the value of this stock by Case 1st,

which will be the answer.

EXAMPLES.

1. What sum of money must be laid out in the 3 per cents., at 897 per cent, to produce an income of £350 a year

?

As £3 £100 Stock :: £350 £10000 Stock.

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As £100 Stock: 90: £10000 Stock: £9000 Sterl., Ans.

2. What sum must I invest in the 3 per cents., at 78% per cent., to produce a yearly income of £366 ?

Ans. £8033 10s. CASE IV. To find the rate per cent. which money produces when invested in the funds.

RULE. -As the sum of the given price and broker's commission is to the interest the stock bears, so is £100 to the rate per cent.

EXAMPLES.

1. If 34 per cent. stock sell at 977 per cent; what rate per cent. shall I make of my money, by investing it in this stock?

£97
10

As 98 £3 10 :: £100

:

£3 11s. 54d. per ct. Ans.

per cent. stocks, at 697 per

2. If I invest money in the 3 cent.; what rate of interest shall I have for my money ? Ans. £3 13s. 10 d. nearly.

DISCOUNT.

DISCOUNT is an allowance made for the payment of money before it is due.

The present worth of any sum of money due at the expiration of a given period of time, is such a sum, as if put out to interest, at the rate per cent. the discount is to be made, would in this time amount to the given sum or debt.

NOTE.-Where no given rate per cent. is mentioned, 5 per cent. is always understood.

N

RULE. As the amount of £100 for the given rate and time is to the interest, so is the given sum or debt to the discount required.

Or, as the amount of £100, for the given rate and time, is to £100, so is the given sum or debt to the present worth required.

NOTE.--The difference between the sum or debt and the discount, is the present worth; and the difference between the sum or debt and the present worth, is the discount.

EXAMPLES.

1. Bought a quantity of goods for £500, with which I am to have 6 months credit. How much ready money will disallowed 5 per cent. per annum

charge the same, if I be discount?

Or, what is the present worth of £500, due 6 months hence, at 5 per cent. per annum discount?

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6 is) 5 0 Interest of £100 for 1 year.

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Or, As 102 10: 100 :: 500 487 16 17 present worth.

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NOTE.-If £487 16s.1,7d. were put out to interest at 5 per cent. per annum, for 6 months, it would amount to £500; consequently, the person would receive £500 at the expiration of 6 months, according to contract.

2. What is the difference between the discount and interest of £100, for 12 months, at 5 per cent. per annum?

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NOTE.-In business, the interest is generally taken for the discount, which is incorrect. For example, if a person sell a quantity of goods for £100, subject to 12 months credit, were to allow £5 for ready money, he would only receive £95. Now place this £95 out on interest, at 5 per cent. per annum, for 12 months, it would amount to £99 15s. ; consequently, he would not receive his £100 as per contract.

3. Bought a quantity of goods for £550, with which I am to have 9 months credit. How much ready money will pay the same, if I be allowed 5 per cent. per annum discount? Ans. £530 2s. 4 d.

4. Bought goods to the amount of £400, with which I am to have 12 months credit. How much must I receive, at 5 per cent. per annum, for discount, if I pay ready money

?

Or, what is the discount of £400, due 12 months hence, at Ans. £19 Os. 114d.

5 per cent. per annum ?

5. What is the present worth of £420 hence, at 4 per cent. per annum?

15s.. due 8 months Ans. £409 16s. 5d.

16s. 6d., on the

6. Bought goods to the amount of £425 1st of January, to be paid for on the 1st of May following. How much ready money will discharge the

4 per cent. per annum discount?

same, allowing Ans. £419 7s. 2 d.

7. An account of £360 will be due on the 5th November next. How much ready money will discharge the same. this day, May 5th, at 6 per cent. per annum discount?

Ans. £349 10s. 34d. 8. An account of £235 18s. 6d. due on the 21st of December next. How much must I allow for present money, this day, May the 9th, at 64 per cent. per annum discount? Ans. £9 2s. 6d.

9. Bought a quantity of goods for £200 ready money, and sold them for £260, to be paid for 8 months hence. How much do I gain, allowing 5 per cent. per annum discount, for present payment? Ans. £51 12s. 3d.

10. Bought goods for £450, to be paid for as follows:at 4 months, at 8 months, and the remainder at 12 months. How much present money will discharge the same, at 4 per cent. per annum, discount? Ans. £436 12s. 0åd.

11. An account of £250 17s. 6d., due 15 months hence. How much ready money will discharge the same, at £7 12s. 6d. per cent. per annum discount? Ans. £229 Os. 101d.

12. Bought 460 cwt. at 17s. 6d. per cwt., to be paid for as follows; namely, £130 ready money, and the remainder at two 4 months; that is, one-half at 4 months, and one-half at 8 months. What present money will discharge the same, at 7 per cent. per annum discount? Ans. £392 13s. 9d.

BARTER.

BARTER is the exchanging of one commodity for another. RULE. Find the value of that commodity, whose price and quantity are given; reduce this value and the price of the required commodity into the same denomination; divide the former by the latter, and the quotient will be the quantity of the required commodity.

When part cash is paid, or a certain quantity of goods at a given price is taken, subtract the cash, or the value of the goods, as the case may be, from the value of the given commodity, and proceed as above.

EXAMPLES.

1. How many yards of silk, at 3s. 4d. per yard, may I give for 60 yards of cloth, at 12s. 6d. per yard?

10s. is)60 at 12s. 6d.

2s. 6d. is 30

710

3s. 4d.

12

40

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