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account, 97 bales of cloth, at $ 15.50 per bale ; what is his commission, at 21 per cent. ? Ans. $ 37.58+. 5. My agent, at New Orleans, informs me, that he has disposed of 500 barrels of flour at $ 6.50 per barrel, 88 barrels of apples at $2.75 per barrel, and 56 cwt. of cheese at 10.60

per

cwt. ? what is his commission, at 34 per cent. ?

Ans. $ 153.21. Note. To estimate the duties on imported goods is performed in the same manner as interest, except when the duties are so much per ton, yard, &c. 6. What is the duty on $ 8000 value of imported goods, at 20 per cent. ?

Ans. $ 1600. 7. What is the duty on 50 tons of iron, at $ 30 per ton ?

Ans. $ 1500.

Section 36.

INSURANCE AND POLICIES.

INSURANCE is a security, by paying a certain sum to indemnify the secured against such losses, as shall be specified in the policy.

Policy is the name of the writ, or instrument, by which the contract or indemnity is effected between the parties.

RULE.

The same as in interest.

1. What is the premium on $ 868, at 12 per cent. ?

Ans. $ 104.16. 2. What is the premium on $ 1728, at 15 per cent. ?

Ans. $ 25.92. 3. A house, valued at $ 3500, is insured at 14 per cent.; what is the premium?

Ans. $ 61.25. 4. A vessel and cargo, valued at $ 35000, is insured at 3} per cent. ; now, if this vessel should be destroyed, what will be the actual loss to the insurance company ?

Ans. $ 33687.50.

Section 37.

STOCKS.

Stocks is the general name used for funds, established by government or individuals, in their corporate capacity, the value of which is often variable.

The method for computation is the same as in interest. 1. What must be given for 10 shares in the Boston and Portland Railroad, at 15 per cent. advance, shares being $ 100 each? $ 100 X 10 = $ 1000 ; $ 1000 X 1.15= $ 1150 Ans. 2. What must be given for 75 shares in the Lowell Railroad, at 25 per cent. advance, the original shares being $ 100 each?

Ans. $ 9375. 3. What is the purchase of $ 8979 Bank stock at 12 per cent. advance ?

Ans. $ 10056.48. 4. What is the purchase of $ 1789 Bank stock at 9 per cent. below par ?

Ans. $ 1627.99.

Section 38.

BANKING.

When a note is discounted at a bank, the interest is taken at the time the note is given, and the interest is computed for 3 days more than the time specified in the note ; that is, if the note is given for 60 days, the interest is taken for 63 days ; for the law allows three days to the debtor, after the time has expired for payment, which are called days of grace. If, therefore, a note is given to the President and Directors of the Merrimack Bank for $ 100, to be paid in 60 days, the interest on the $ 100 is computed for 63, and taken from the sum of the note. So that the borrower receives only $98.95 for the note discounted.

1. What is the bank discount on $ 478, for 60 days ?

Ans. $5.01+ 2. What is the bank discount on $ 780, for 30 days ?

Ans. $ 4.29. 3. What is the bank discount on $ 1728, for 90 days ?

Ans. % 26.78+. 4. How much money should be received on a note of $ 1000, payable in 4 months, discounted at a bank, where the interest is 6 per cent. ? Ans. $ 979.50.

Section 39.

DISCOUNT.

The object of discount is, to show what allowance should be made, when any sum of money is paid before it becomes due.

The present worth of any sum is the principal, that must be put at interest, to amount to that sum in the given time. That is, $ 100 is the present worth of $ 106, due one year hence ; because $ 100 at 6 per cent. will amount to $ 106, and $ 6 is the discount.

Therefore when the interest is 6 per cent. the present worth is tóg of the principal, and the discount is Tot of the principal ; and the same rule will hold good for any other per cent.

1. What is the present worth of $ 25.44, due one year hence ?

Ans. $ 24.00.

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RULE.

Divide the given sum by the amount of $ 1 for the given rate and time, and the quotient will be the present worth. Or, multiply the given sum by 100, and divide the product by the amount of $ 100 for the given rate and time, and the quotient is the present worth. 2. What is the present worth of $ 152.64, due one year hence ?

Ans. $ 144.00. 3. What is the present worth of $ 477.71, due four years hence ?

Ans. $ 385.25. 4. What is the present worth of $ 172.86, due 3 years 4 months hence ?

Ans. $ 144.05. 5. What is the present worth of $800, due 3 years 7 months and 18 days hence ?

Ans. $ 656.81+. 6. Samuel Heath has given his note for 375.75, dated Oct. 4, 1842, payable to Johộ Smith, or order, Jan. 1, 1844 ; what is the real value of the note at the time given ?

Ans. $ 349.69+. 17. Bought a chaise and harness, of Isaac Morse, for $ 125.75, for which I gave him my note, dated Oct. 5, 1812, to be paid in six months ; what is the present value of the note Jan. 1, 1843 ? Ans. $ 123.81 + 8. My tailor informs me, it will take 10 square yards of cloth to make me a full suit of clothes. The cloth I am about to purchase is 14 yards wide, and on spunging it will shrink 5 per cent. in width and length. How many yards of the above cloth must I purchase for my new suit" ?

Ans. 6yd. Iqr. 1232 na.

Section 40.

COMPOUND INTEREST.

The law specifies, that the borrower of money shall pay a certain number of dollars, called per cent., for the use of $ 100 for a year. Now, if this borrower does not pay to the lender this per cent. at the end of the year, it is no more than just, that he should pay interest for the use of it, so long as he shall keep it in his possession ; this is called Compound Interest. 1. What is the compound interest of $ 500 for 3 years ?

Ans. $ 95.50. $500= Principal.

1.06
30.00 = Interest for 1 year.

500.

530.00 = Amount for 1 year.

1.0 6
31.80 = Interest for second year.
530
5 6 1.8 0 = Amount for 2 years.

1.06
3 3.7 080 = Interest for third year,
5 6 1.8 0
5 95.5 0.80 = Amount for 3 years.
500
$9 5.5 0 = Compound interest for 3 years.

From the above process, we see the propriety of the following

RULE.

Find the interest of the given sum for one year, and add it to the principal ; then find the interest of this amount for the next year ; and so continue, until the time of settlement. Subtract the principal from the last amount, and the remainder is the compound interest. 2. What is the compound interest of $ 761.75 for 4 years ?

Ans. $ 199.94. 3. What is the amount of $ 67.25 for 3 years, at compound interest ?

Ans. $ 80.09+ 4. What is the amount of $ 78.69 for 5 years at 7 per cent. ?

Ans. $ 110.33. 5. What is the amount of $ 128 for 3 years 5 months

and 18 days, at compound interest ? Ans. $ 156 70. 6. What is the compound interest of $ 76.18 for 2 years 8 months 9 days?

Ans. $ 12.96.

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