If a note of 100 dols. dated August 1, 1809, for 30 days, though it is not payable till the 2d of September, (yet if not paid) a new note must be replaced on Tuesday, the 29th of August, (if Tuesdays are the days of discount, and no other day in the week) paying discount as before, for the time it is to bear interest, including the days of grace. The usual method of finding the discount in banks for 30 or 60 days is, by multiplying the sum by one sixth part of the days, (including the days of grace,) and pointing off 3 places of the right hand figures, those at the left of the point will be dollars, if dollars only are multiplied. If dollars and cents, or dollars cents and mills, or cents only, or mills only, are multiplied; after pointing off the three right hand figures from the product, the others will be of the same denomination, with the lowest multiplied. Always take a sixth part, the given days increased by three, i. e. if 30 days, take for 33, if 60 for 63, &c. EXAMPLES. 1. How much must be discounted for a note of 476 dols. at 30 days? 476 6)33(5 multiplier. 2380 dols. 2,61,8 Ans. 2. How much is to be discounted for a note of 438 dols. at 60 days? 438 6)63(=10/ 4380 219 dols. 4,59,9 Ans. NOTE 1. In these examples three days of grace have been calculated for. NOTE 2. If the unit figure in the dollars given is 1, 3, 5,7 or 9, there will be one half mill in the discount. NOTE. In the six last examples the decimals of a mill are inserted for the satisfaction of the pupil. ** ** EXCHANGE. Exchange is the giving the bills, money, weight, or measure of one place or country, for the like value in the bills, money, weight, or measure of another place or country; in doing which it is necessary to know how to change any sum of money, or any weight, &c. of one place or country, to a sum or weight, &c. of another country, or place, of equal value. This is done by finding what proportion a certain sum of the money of one country or place, bears to the like. sum of the money of the other country or place, and using these proportional numbers as follows, viz. 1. If the given sum or weight be of more value than a like sum or weight in the place required, Multiply it by the greater of these proportional numbers, and divide the product by the less. 2. If the given sum or weight be of less value than a like sum or weight in the place required. Multiply the given sum or weight by the less of these proportional numbers, and divide the product by the greater, the quotient in either case will be the sum or weight required, of equal value with that given. Questions in Exchange may be proved by varying their order. NOTE. In many instances the money or weight of one place may be changed to that of another by adding to, or subtracting from the given sum or weight, a certain proportion, as in many of the following examples. To change the currency of New England and Virginia to Federal money. CASE I. When pounds only are given, annex a cipher, and then divide by 3, the quotient will be dollars; if any remains, annex to it two ciphers, and then divide by 3 for cents; if there is still a remainder, and you wish to know the value to a lower denomination, annex one cipher and divide by 3 for mills. CASE II. If pounds and shillings are given. When the number of shillings given is even, as 2, 4, &c. annex half their number to the pounds, and divide by 3, &c. as above. If the number of shillings given be odd, as 1, 3, 5 &c. then after annexing half the greatest even number of shillings to the pounds, annex 50; and divide by 3 gives cents. If there be a remainder, annex a cipher, and divide by 3 for mills. CASE III. If pounds, shillings and pence, &c. are given. Proceed as in the last cases with the shillings, and then add a number equal to the farthings, the pence and farthings will make, increased by one, if they make more than 12, and not more than 37; but if more than 37 increase it by 2, then divide by 3 gives cents; any remains, annex a cipher to it, and divide by 3 gives mills. if 7. In £9726 13 91, how many dollars? Ans. dols. 32422,30. To change federal money to New England and Virginia currency. CASE I. If dollars only are given. Multiply them by 3, and double the first figure in the product for shillings, the others will be pounds. NOTE. If the shillings made by doubling the first figure exceed 20, or 40, &c. set down the excess above twenties, and carry one for each twenty. CASE II. If dollars and cents, or cents only are given. Multiply by 3, and point off the three right hand figures for decimals; if there are not three figures in the product, supply the deficiency by prefixing a cipher, ૨ or ciphers; if there are any figures at the left of the point they are pounds. Multiply the decimals by 20, and point off three again; if there are any figures at the left of this point, they are shillings. Multiply these second decimals by 12, and point off three; if any figures are at the left of this point, they are pence. Multiply these decimals by 4, and point off three; if there are any at the left of the point, they are farthings. NOTE. If there are mills given, point off four in every instance. CASE III. If cents and mills only, or mills only are given. Multiply by 3, and point off four figures; if there are not four, prefix ciphers to complete that number of places; then, Multiply by 20, 12, and 4, as above, for shillings, pence and farthings, observing to point off four figures in this case, after each multiplication. EXAMPLES. 1. In 567 dols. how many pounds, &c. ? 567 £170 2 Ans. 2. Change dols. 97,80, to pounds, &c. |