37. An agent sold 13,125 bu. of wheat at $.80 on 5% commission, and was instructed to invest part of the proceeds in 1200 barrels of flour at $5 a barrel. If he charged 5% commission for buying, what was his entire commission, and how much did he remit to his employer?

38. If 24 bu. of corn are raised from 1 pk. of corn, what per cent is the increase? What is the increase?

39. A farmer buys 24 head of cattle at $80 a head, and after losing 6 sells the remainder at $105 a head. How much does he gain or lose per cent?

40. A grocer selling eggs at 20 cents a dozen clears 331% of his receipts. How much did the eggs cost him? Another grocer, selling at the same price, clears 33% on the cost. What was the cost?

41. A merchant bought silk at $1.50 a yard.

He marked it so as to give him a profit of 80%. As it did not prove a good seller, he offered it at a discount of 33% and 10% for "spot cash." What was his asking price? His selling price? His gain per cent?

42. Define bankrupt, insolvent, dividend, assets.

43. I receive $30,423.75 as the net proceeds of a sale of goods at % commission. Find the commission.

44. A merchant's prices are 12% above cost.

He allows

a discount of $2.10 on a bill of $33.60. What is his net per cent of profit?

45. If an article bought for one tenth less than its value is sold for one tenth more than its value, what is the per cent of gain?

46. A hotel is insured for of its value, at 1% premium, and the premium amounts to $200. What is the value of the hotel?

47. I sold two machines for $300 each. On one I gained 20% and on the other I lost 20 %. Did I gain or lose on the transactions, and how much?

48. A merchant bought a bankrupt stock at 45 cents on the dollar, and sold it at 10% below the original price. What per cent did he gain?

49. An article lost 10% by wastage, and is sold for 30% above cost. What is the gain per cent?

50. What per cent of 30,000 bushels are 200 pecks?

51. A dealer bought an article at 10% below the price asked, and sold it for $2400, gaining 333%. What was the price asked?

52. A commission merchant receives 17 firkins of butter, each containing 43 lb.; 630 lb. of chickens; 68 cases of eggs, of 16 doz. each. He sells the butter at 26 cents a pound, the chickens at 12 at 18 cents a dozen.

amount remitted.

His

cents per pound, and the eggs commission is 4%. Find the

53. If 3% more is gained by selling a horse for $83.25 than by selling it for $81, what is the cost of the horse?

54. If a boy gains 12% by selling 5 oranges for 14 cents, what per cent would he gain by selling them at 6 for 18

cents?

55. Mr. Jones insured his house, worth $4800, for 3 years for of its value at 75 cents per hundred. Find the rate

per cent charged, the premium, and the company's loss if the house should burn.

56. A boy on his first birthday receives a present of $600, which his father loans at 7% interest, and each year he loans out the interest at the same rate. What sum will be at the

boy's disposal when he is 21 years old?

57. An invoice of 800 doz. linen handkerchiefs, valued in Berlin at $3.75 a dozen, calls for how much duty in New York at $.40 per dozen and 35 % ad valorem?

58. A tax of $25,000 is assessed in a city upon a property valuation of $125,000,000. What is the rate of taxation, and what does Mr. S. Giles pay, whose store is assessed at $16,500, house at $2250, and personal property at $950?

59. What price must be asked for goods that cost $240 in order that there may be a clear profit of 16% after allowing a discount of 12% from the list prices?

60. What is the interest on $250 for 1 yr. 2 mo. at 5%? 61. A 4% note of $400 was given March 8 and paid December 15 of the same year. Find the amount.

62. Write a negotiable note for $300, bearing interest at the rate of 7%, drawn by G. J. Jones in favor of R. S. Brown, July 5, 1900, the time to be two years. Underscore the words that make it negotiable. What must R. S. Brown do if he sells the note to M. A. Star?

63. Find the proceeds of the foregoing if discounted at a bank Jan. 3, 1901, at 8%.

64. A 5% note of $1800 was given July 16, 1899. It was indorsed as follows: Sept. 6, 1899, $200; Feb. 2, 1900, $15; July 3, 1900, $300. Find the amount due Aug. 5, 1900.

65. A merchant is given the option of paying $500 in 6 months, or a 2% discount for cash. Which is the better offer, and by how much, if money is loaned at 6% ?

REVIEW

184. 1. State the three general problems in percentage and the corresponding problems in common fractions and decimals. Illustrate each by an example.

2. What is profit? Loss? Cost? Selling price? List price? Discount? Net price? Upon what is the gain or loss per cent reckoned? Illustrate by an example.

3. What is commission? Upon what is the rate of commission reckoned? Illustrate by an example.

4. Define insurance policy; premium. miums reckoned? Illustrate by an example.

How are pre

5. What is a tax? The rate of taxation? How is the tax a person is required to pay on his property computed?

6. What are duties or customs? What is an invoice? An ad valorem duty? A specific duty?

7. Define simple interest; compound interest. What is meant by legal rate? By usury?

8. Write a negotiable promissory note. Who is the maker of the note? The payee? When does the note mature? If A buys this note from the payee before it is due, what must he do to collect the amount due at maturity?

9. Make and solve problems giving (1) principal, interest, and time, to find the rate; (2) interest, rate, and time, to find the principal; (3) principal, interest, and rate, to find the time; (4) amount, time, and rate, to find the principal. Give reason for each step in each solution.

10. Give the United States Rule for Partial Payments. The Merchants' Rule.

11. What is bank discount? How is it found?

PART III

RATIO AND PROPORTION

RATIO

Study Recitation

185. The ratio of one number to another of the same kind is the quotient arising from the division of that number by the other.

The ratio of 4 to 2 is 42, or 2; the ratio of 10 to 2 is 102, or 5; the ratio of 5 to 3 is 53, or; the ratio of 7 to 9 is 7 ÷ 9, or ; the ratio of to is ÷ 3, or 4. The ratio of two numbers may be expressed by writing a colon between them; as,

69, read, the ratio of 6 to 9.

4: 2, read, the ratio of 4 to 2.

1:4, read, the ratio of 1 to 2.

The first term of a ratio is called the antecedent.
The second term of a ratio is called the consequent.

A ratio may always be expressed as a fraction, the numer ator being the antecedent, and the denominator, the consequent.

6 Antecedent.

7 Consequent.

A fraction is the ratio of the numerator to the denominator. Since every ratio may be regarded as a fraction, the laws governing the changes of one or both terms of a fraction by multiplication or division apply to changes in the terms of a ratio.