In each of the above cases the premium must be paid every year while the policy is in force; but the following charges are, from their nature, paid only once :- Insurance from Sea-risk is a per-centage charged upon the value of a cargo, to secure it against wreck or damage by sea; Commission is a per-centage paid to an agent for buying or selling goods; Brokerage is a smaller per-centage of the same nature as the last, paid usually for transacting money concerns; Banker's Discount is a per-centage charged, at some fixed rate, generally 5 per cent., for paying money before it is due. It is usually reckoned as the interest upon the sum in question, at the given rate, for the given time. Thus, if I took to a banker a Bill or Note of Hand of a person whose credit was good, by which he engaged to pay the sum of £100 at the end of a year, the banker would discount it at 5 per cent. by paying me £95, keeping for himself £5, which is the interest of £100 for a year. Strictly speaking, the banker ought to pay me rather more than £95; for he ought to pay me such a sum as, put out to interest during the year, would at the end of it produce with its interest the same amount as the value of the Bill, which would then become due, namely, £100. Now, as £100 would produce £5 interest, of course, £95 would produce less than £5; and, therefore, my £95, put out to interest, would not produce £100 at the end of the year, and thus I shall be somewhat a loser, and the banker a gainer, by this transaction. The true discount might be found, but the method is too complicated for this book. (See Colenso's Arithmetic, p. 105.) Tradesmen's Discount is an allowance of 5 per cent. for ready-money payment of an account; and it is generally calculated, with sufficient accuracy, by reckoning a shilling for every pound in the account, and 3d. besides for every 5s., if there are any shillings besides the pounds. Thus the discount upon an amount of £10 11s. 3d. would be 10s. 6d., and the ready-money payment, consequently, would be £10 Os. 9d. Ex. 41. (1.) What discount would a tradesman allow upon an account of £13 6s. 4d.? (2.) I went to pay a bill of £13 16s. 8d., with three fivepound notes in my pocket. What change shall I get, allowing tradesmen's discount of 5 per cent.? (3.) What should I have to pay for insuring a vessel and cargo, worth £3225, at 34 per cent.? (4.) What is the premium on a life-policy of £3287 13s. 4d. at 3 per cent.? (5.) A merchant insures to the value of £765 upon goods of the value of £734 88., the insurance being charged at 4 per cent. Show that, in case of loss, he will recover by means of this insurance both the value of his goods and the premium. (6.) Find the compound interest on £99 19s. 9d. for two years, at 3 per cent. (7.) What is the premium for insuring goods to the value of £6417, at 23 per cent.? (8.) I went to a banker with a good bill for £230, due at the end of half a year. What will he give me in cash, discount at 5 per cent.? (9.) What is the brokerage on a money transaction of £273 15s. 6d., at per cent. ? (10.) Find the commission for the purchase of goods to the value of £1426 13s. 4d., at 23 per cent. (11.) At 43 per cent. show that, by insuring to the value of £447 6s. 8d., I may cover both my goods, worth £427 15s. 3d., and my premium. (12.) Find the compound interest on £333 3s. 3d., at 3 per cent., for three years. Ex. 42. (1.) Out of a crop of potatoes 35 per cent. were diseased. How many bushels of potatoes were lost out of the whole crop of 175 bushels? (2.) On opening the tin canisters, which contained Goldner's preserved meats for the British Navy, it was found that 87 per cent. were made up of all kinds of filthy garbage. How many pounds were good out of 3146 pounds of this material? (3.) In a box of oranges 23 per cent. were decayed. How many were sound out of four hundred and seventy-five? (4.) When a book is published, the publisher and retailbookseller take between them 35 per cent. of the selling price. How much is left for printing, binding and the author's remuneration, upon an edition of 2000 copies of a book, which is sold at 4s. 6d. ? (5.) Common air is composed of two gases, oxygen and nitrogen, 23 per cent. by weight being oxygen. What weight of each is there in 500 grains of air? (6.) A savings' bank gives interest at the rate of 25 per cent. per annum. What will £3 6s. 8d. amount to in one year? (7.) A workman is paid 35 per cent. upon the selling price of the articles which he is employed to make. What will he get upon an article which sells for 17s. 6d. ? (8.) The births annually in a parish were 4 per cent. upon the population, and the deaths 2 per cent. What was the population of the parish at the end of the year, when it was 4668 at the beginning? (9.) In order to pay off a debt of £1550, which I owed at 5 per cent., I borrowed £800 at 4 per cent., and £750 at 4 per cent. What shall I save yearly by this arrangement? (10.) The prime cost of a fifty-gallon cask of wine was £25, and ten gallons have been lost by leakage. At what price per gallon must the remainder be sold, so as to gain 10 per cent. upon the prime cost? (11.) I bought goods for £48, and sold half of them at a gain of 15 per cent. For how much must I sell the rest, so as to gain 20 per cent. upon the whole? (12.) A grocer mixes 26 pounds of tea at 5s. 3d., 32 pounds at 5s. 7d., and 36 pounds at 6s. 1d. At what rate per pound must he sell the mixture, so as to gain upon the whole 40 per cent.? 54. REDUCTION OF MONEY. Ex. 1. Reduce £15 7s. 03d. to farthings. (6.) £3 14s. 101d. to farthings. (9.) £50 178. 8d. to pence. (10.) £73 0s. 21d. to farthings. (11.) £86 138. 41d. to halfpence. (12.) £99 19s. 113d. to farthings. (1.) Find the value of a million of farthings. (2.) On Oct. 7, 1851, a hundred and nine thousand nine hundred and fifteen persons visited the Crystal Palace. Reckoning them all at a shilling a head, how many pounds were realised on that one day? (3.) A miser died, and was found to have buried in his garden a pot of money, containing six hundred and thirteen half-crowns. What were these worth? (4.) A has £3 3s. 3 d. in his pockets, and B has £2 0s. 101d. How many farthings have they between them, and how much money must A give to B, that the latter may have two thousand farthings? (5.) If three thousand people pass over Waterloo Bridge, London, in a day, each paying a toll of one halfpenny, what is the amount thus paid daily? (6.) There are about twenty thousand five hundred and seventy-five copies of the Times sold daily. What does the daily sale of these amount to, at 3d. each? (7.) A French franc is worth 10d. What is the value in English money of 500 francs? (8.) What amount of income-tax at 7d. in the pound will be paid by a gentleman whose income is £1475? (9.) If each person in the parish, on the average, were to contribute one penny a month (or a shilling a year) to the Gospel-Propagation Society, what sum would thus be raised in a parish of four hundred and twenty-five people? And what in one of four thousand five hundred? (10.) On the same supposition, what sum would be raised for Church Missions throughout all England, reckoning its population at sixteen millions? (11.) The property of a parish is assessed at £1120, and a poor-rate is levied of 8d. in the pound. What is the amount of the whole rate? (12.) Take a shilling, a penny, and a halfpenny, and add to them half-a-crown and sixteen pence halfpenny; and see how often the whole sum is contained in £5. (13.) Find the value of a lac (a hundred thousand) of Calcutta rupees, reckoning the rupee as worth 2s. Find also the value of the above sum, reckoning the rupee at its true value, which is a farthing less than 2s. (14.) How many pounds are there in nine hundred and ninety-nine guineas? (15.) How many guineas are there in nine hundred and ninety-nine pounds? (16) How many yards of silk, at 6s. 8d. a yard, can be bought for £7 ? (17.) To how many persons might a sum of £20 5s. 2d. be distributed, giving £1 11s. 2d. to each? (18.) How many half-crowns are there in a hundred and five half-guineas? (19.) How many half-guineas are there in eighty-four crowns? (20.) A nugget of gold was sold for £54 9s. 9d., at £4 10s. 93d. an ounce. How many ounces did it weigh? (21.) An equal number of men and women earned together £4 5s. in five days. The men earned 1s. 10d., the women 1s., a day. How many were there of each ? (22.) How much water must be added to a cask containing ten gallons of spirits, at 13s. a gallon, to allow of the price being reduced to 8s. 8d. a gallon? (23.) If the property of the country be valued at a hundred and eighty-six millions and a half, what will be the produce of the income-tax, at 7d. in the pound? (24.) The United States' dollar is worth 4s. 1d. What is the value of the President's salary, which is 25,000 dollars? |