For example, in English Money, £1 : #1 240 54, and $1=£1x=£1%= of £1. Ex. 1. Reduce $32,789 to English or Sterling Money. OPERATION. We first multiply by the $32,789=7,377525 fraction or that is, we mul £7,377525 tiply by the numerator and 20 divide by the denominator, 7,550500 this brings the sum to the 12 decimal of a pound. We then 6,606000 reduce the decimal of a pound 4 to pounds shillings and pence. 2,424000 Ans. £7 78 6d 2far.t. § 149. Hence, to pass from Federal Money to pounds shillings and pence, we have the following RULE. I. Find the value of a dollar in the fraction of a pound. II. Multiply the given sum by this fraction. III. Reduce the product to pounds shillings and pence. . Note.—The multiplier in each case, in passing from Federal Money to pounds shillings and pence, will be the fraction used in the corresponding case in passing to Federal Money, with its terms inverted. Q. How do you pass from Federal Money to either of the currencies? How does this multiplier compare with the multiplier used in passing from pounds to Federal money? EXAMPLES. 1. Reduce $102,85 to the several currencies. $102,85=£23 2s 93d+ Sterling Money. $102,85=£25 14s 30. Canada Currency. Ans. $102,85=£30 17s 18+ New England Cur. 2. Reduce $250 to the several currencies. $250=£56 5s Sterling Money. New England Currency. Ans. $250=£100 New York Currency. $250=£93 158 Pennsylvania Currency. $250=£58 68 730.+ Georgia Currency. The following are the rates at which foreign coins are estimated at the custom-houses of the United States. English £ by act of Congress of 1832 $4,80 Livre of France $ ,181 Franc do $ ,18 % Silver Rouble of Russia ,75 Florin or Guilder of the United Netherlands $ ,40 Mark Banco of Hamburg $ ,33} Real of Plate of Spain $ ,10 Real of Vellon of do. $ ,05 Milrea of Portugal $1,24 Tale of China $1,48 Pagoda of India $1,84 Rupee of Bengal # ,50 PRACTICE. $ 150. Practice is a short method of finding the answers to questions in the Rule of Three, when the first term is unity. For example, if one yard of cloth cost half a dollar, what will 60 yards cost. This is a question which may be answered by the rule called Practice. If the cloth had been $1 per yard, the cost of 60 yards would have been $60; but since it is only a part of a dollar per yard, the whole cost will be the same part of $60, that the cost of one yard is of $1; that is, 1 of 60. Hence the cost is į of $60 or $30. Ans. $30. § 151. One number is said to be an aliquot part of another, when it forms an exact part of it: that is, when it is contained in that other an exact number of times. Hence, an aliquot part is an exact or even part. For example, 25 cents is an aliquot part of a dollar. It is an exact fourth part, and is contained in the dollar four times. So also, 2 months, 3 months, 4 months, and 6 months, are all aliquot parts of a year. Q. What is practice? If one yard of cloth cost $8, what will half a yard cost? What will one quarter of a yard cost ? When is one number said to be an aliquot part of another ? What is an aliquot part? What are the aliquot parts of a dollar expressed in the table ? What the aliquot parts of a year ? What the aliquot parts of a month ? What the aliquot parts of a pound? What the aliquot parts of a shilling? EXAMPLES. OPERATION. 3 $282 1. What is the cost of 376 yards of cloth at $0,75, or of a dollar, per yard ? Had the cloth cost *1 per yard, the cost of the cts. 376 yards would have 501 376 been $376. Had it cost 188 cost at 50cts. 50cts. per yard, the cost 25 94 1 cost at 25cts. would have been į of $376, or $188: had it 75 cost at zdoll. been 25cts. per yard, the cost would have been of $376 or $94; but the price being 75cts. per yard, the cost is 188+94=$282. 2. What is the cost of 196 yards of cotton, at 9d per yard? 196yd. at 6d or 1s=988 196yd. at 3d or Is= =498 Therefore, 196yd. at 9d or s=147s=£7 7. Ans. 4 19. What will lhhd. 2gal. 3qt. lpt. lgi. of molasses come to at 12 cts. per quart? Ans. $ 20. What will be the cost of 27bu. 3pk. 6qt. 1 pt. of wheat at 10s 2d 3far. per bushel ? Ans. £14 58 112 061 far. SIMPLE INTEREST. to pay § 152. Interest is an allowance made for the use of money that is borrowed. For example, if I borrow $100 of Mr. Wilson, for one year, and agree him $6 for the use of it, the $6 is called the interest of $100 for one year, and at the end of the time Mr. Wilson should receive back his $100 together with the $6 interest, making the sum of $106. The money on which interest is paid, is called the Principal. The money paid for the use of the principal is called the Interest. The principal and interest taken together are called the Amount. In the above example, $100 is the principal, 6 is the interest, and $106 is the amount. The interest of $100 for one year, determines the rate of interest, or rate per cent. The term per cent, means by the hundred. In the example above the rate of interest is 6 per cent, or $6 for the hundred. Had $8 been paid for the use of the $100, the rate of interest would have been 8 per cent; or had $3 only been paid, the rate of interest would have been 3 per cent. The legal interest is the interest established by law. In the New England States, and indeed in most of the other states, the legal interest is 6 per cent per annum; that is, 6 per cent by the year. In New York, however, it is 7 and in Louisiana 8 per cent. |