. 10. The firm A, B, and C lost $246; A had put in $85 for 8 mo., B $250 for 6 mo., and C $500 for 4 mo:: what is each man's share of the loss ? 11. Three men hire a pasture for $75; A put in 8 cows for 5 mo., B 6 cows for 4 mo., and C 10 cows for 4 mo.: how much should each pay? 12. A, B, C, and D form a partnership; A advances $2000 for 8 mo., B $2500 for 6 mo., C $3000 for 5 mo., and D $3500 for 4 mo.; they gain $1800 : what is each man's share ? EXCHANGE OF CURRENCIES. 371. The term currency signifies money or the circulating medium of trade. 372. The intrinsic value of the coins of different nations depends upon their weight and the purity of the metal of which they are made. (Art. 203. Obs. 1.) Note.-1. The standard gold coins of Great Britain are 22 parts of pure gold and 2 parts of copper, i. e. 22 carats fine. The standurd silver coins 37 parts of pure silver and 3 parts of copper. A Pound Sterling or Sovereign weighs 123.274 grs., and a shilling, (silver) 3 pwts. 1511 grs.* 2. The present standard for both gold and silver coins of the United States, by Act of Congress, 1837, is 900 parts of pure metal by weight to 100 parts of alloy. The alloy of gold coin is composed of silver and copper, the silver not to exceed the copper in weight. The alloy of silver coin is pure copper. The present legal weight of the eagle is grs. standard gold; that of the dollar 4124 grs. of standard silver; that of the cent 168 grs. of pure copper. For their original standard weight and purity by Act of Congress, 1792, seu Art. 203. 373. The relative value of foreign coins is determined by the laws of the country. Thus by Act of Con gress, 1842, Quest.–371. What is currency? 372. On what does the intrinsic value of the coins of different countries depend? 373. How is the relative value of foreign coins determined ? What is the value of a Pound Sterling ? Of a guinea ? A franc ? Five-franc piece? A doubloon ? * Hind's Arithmetic, 378. Hence, to reduce Federal money to either of the State currencies. Multiply the given sum hy that fraction of a pound, which is equal to $1 in the required currency; the product will be the answer in pounds and decimals of a pound. The decimals should be reduced to shillings, fc. (Art. 201.) 12. Reduce $378 to New England currency. 13. Reduce $465.45 to New York currency. 14. Reduce $640 to Pennsylvania currency. 15. Reduce $1000 to Canada currency. 16. Reduce £15, 7s. 6d., N. E. currency, ,to Federal money. Solution. £15, 7s. 6d.=£15.375. (Art. 200.) Now, since £% make $1, N. E. cur., £15.375 will make as many dollars as i' is contained times in 15.375; and 15.375-18=51.25. Ans. $51.25. The other State currencies may be reduced to Federal money in a similar manner. Hence, 379. To reduce the State currencies to Federal money. Set down the pounds as whole numbers, and reduce the shillings, pence, and farthings, to the decimal of a pound; (Art. 200 ;) then divide the sum by that fraction of a pound, which in the given currency is equal to $1 ; the quotient will be the answer in dollars and cents. 17. Reduce £48, 15s., N. E. cur., to Federal money. 18. Reduce £73, 4s., N. E. cur., to Federal money. 19. Reduce £100, 18s., N. Y. cur., to Federal money. 20. Reduce £256, 5s., N. Y. cur., to Federal money. 21. Reduce £296, 12s., Penn. cur., to Federal money. 22. Reduce £430, 8s., Penn. cur., to Federal money. 23. Reduce £568, 10s., Ga. cur., to Federal money. 24. Reduce £1000,15s., Canada cur., to Federal money. Quest.-378. How is Federal money reduced to the State currencies? 379. How are the several State currencies reduced to Federal money? 3. What is the value of £100 in Federal money ? 4. What is the value of £275, 15s. in Federal money ? 5. What is the value of £450, 7s. 6d. in Federal mo ney ? 6. What is the value of £900, 2s. 6d. in Federal mo ney ? 7. Change $27.467 to Sterling money. Solution. Since there is £1 in $4.84, in $27.467 there are as many pounds as $4.84 is contained times in it; and $27.467 -4.84=5.675; that is, £5.675. Reducing the decimal .675 to shillings and pence, (Art. 201,) we have £5, 135. 6d. for ihe answer. Hence, 376. To reduce Federal to Sterling money. Divide the given sum by $4.84. (the value of £1,) and point off the quotient as in division of decimals. (Art. 194.). The figures on the left of the decimal point will be pounds ; those on the right, decimals of a pound, which must be reduced to shillings, pence, and farthings. (Art. 201.) 8. Change $486.42 to Sterling money. 9. Change $1452 to Sterling money. 10. Change $4840 to Sterling money. 377. Previous to the adoption of Federal money in 1786, accounts in the United States were kept in pounds, shillings, pence, and farthings. At the time of its adoption, different States assigned to the dollar different values in their own currency. Its value was fixed In the N. E. States, Va., Ký., and Tenn., at 6s. or £1o. In New York, North Carolina, and Ohio, at 8s. or £. In New Jersey, Penn., Del. and Md., at 7s. 6d. or £}. In South Carolina and Georgia, at 4s. 8d. or £zo. In Canada and Nova Scotia, at 5s. or £1. 11. Reduce $45 to New England currency. Solution. $45 %=13.5. Ans. £13.5; or £13, 10s. (Art. 201.) Hence, Quest.-376. How is Federal money reduce d to Sterling ? 377. Previous to the adoption of Federal money, in what were accounts kept ! 1 378. Hence, to reduce Federal money to either of the State currencies. Multiply the given sum by that fraction of a pound, which is equal to $1 in the required currency; the product will be the answer in pounds and decimals of a pound. The decimals should be reduced to shillings, fc. (Art.201.) 12. Reduce $378 to New England currency. 13. Reduce $465.45 to New York currency. 14. Reduce $640 to Pennsylvania currency. 15. Reduce $1000 to Canada currency. 16. Reduce £15, 7s. 6d., N. E. currency, ,to Federal money. Solution. £15, 7s. 6d. = £15.375. (Art. 200.) Now, since £jmake $1, N. E. cur., £15.375 will make as many dollars as % is contained times in 15.375; and 15.375-16=51.25. Ans. $51.25. The other State currencies may be reduced to Federal money in a similar manner. Hence, 379. To reduce the State currencies to Federal money. Set down the pounds as whole numbers, and reduce the shillings, pence, and farthings, to the decimal of a pound; (Art. 200 ;) then divide the sum by that fraction of a pound, which in the given currency is equal to $1; the quotient will be the answer in dollars and cents. 17. Reduce £48, 15s., N. E. cur., to Federal money. 18. Reduce £73, 4s., N. E. cur., to Federal money. 19. Reduce £100, 18s., N. Y. cur., to Federal money. 20. Reduce £256, 5s., N. Y. cur., to Federal money. 21. Reduce £296, 12s., Penn. cur., to Federal money. 22. Reduce £430, 8s., Penn. cur., to Federal money. 23. Reduce £568, 10s., Ga. cur., to Federal money. 24. Reduce £1000,15s., Canada cur., to Federal money. Quest.-378. How.is Federal money reduced to the State currencies ? 379. How are the several State currencies reduced to Federal money ? MISCELLANEOUS EXAMPLES. 1. How much will 500 sheep cost, at $2} apiece ? 2. How much can a man earn in 240 months, at 7s. 6d. per month? 3. What will 345 bushels of apples cost, at 375 cents per bushel ? 4. What cost 476 cows, at $12% apiece ? 5. What cost 6854 gallons of oil, at 874 cents per gallon? 6. What cost 325} acres of land, at $10% per acre ? 7. How much flour, at $45 per barrel, can be bought for $525 ? 8. How many yards of cloth, at $5} per yard, can be bought for $1230? 9. How many saddles, at $11$ apiece, can be bought for $5625 ? 10. If a man travels 33} miles per day, how long will it take him to travel 1000 miles ? 11. How many horses, at $75% apiece, can be bought for $3780 ? 12. A man bought of a ship, and sold of it: how much had he left? 13. A commission merchant sold goods to the amount of $2750, at 2 per cent. commission : how much did he receive for his services ? 14. A broker negotiated a bill of exchange of $10360, at 13 per cent. : what was his commission? 15. What is the interest of $2345 for 1 year and 6 months, at 6 per cent. ? 16. What is the interest of $1356.25 for 90 days, at 6 per cent. ? 17. What is the interest of $533.11 for 6 months, at 7 per cent. ? 18. What is the amount of $925 for 1 year and 4 months, at 8 per cent. ? 19. What is the amount of $4635 for 30 days, at 7 per cent. ? 20. What is the amount of $10360 for 60 days, at 5 per cent. ? |