Written Problems 1. A contractor engages to complete the electric work in a new building in 90 days. When 70 days have elapsed, he finds that it would require 25 days longer for his force of 20 men to finish the task if they continued at the regular rate of 8 hours per day. (a) How many hours per day must they work for the remaining time to enable their employer to carry out the terms of the contract? (b) What will be the daily pay of each of the employees for the remaining 15 days, at 50 cents per hour for 8 hours and double this rate for the overtime ? 2. A factory makes a net profit of $ 50,000 per year on its capital of $250,000. After distributing 10% of the capital among the stockholders and deducting 10% of the profits to cover depreciation of the machinery, it divides the remainder among its employees whose pay roll amounts annually to $500,000. (a) What per cent of his salary is given each? (b) How much does Mr. Dalton receive, his salary being $1200 per year? 3. If the price of articles needed by the average family has increased 10% and the expense of placing these articles in a customer's house adds 10% to their new price because of the cost of telephone messages, packing, delivery, etc., how much more must now be paid for a year's supply of goods previously obtained for $475? 4. A farmer receives 20% above the market price for butter and eggs delivered to customers who appreciate the superior quality of the articles he produces. How much more does he realize from the sale of goods that will bring $600 at the market rates, with an expense of $80, when the latter is increased 30% by the delivery of the goods at the houses of his patrons? Price Fluctuations The price received by the North Dakota farmer for his wheat is affected by the weather in Argentina and southern Russia. Western Europe produces much less wheat than it needs; the remainder must be procured from the United States, Russia, and Argentina, each of which has a surplus. The rate to be paid per bushel is determined by the amount of the European shortage and the size of the available surplus. This is first reflected in the quotations from Liverpool, which has finished its transactions for the day before those of Chicago are begun, owing to the time difference of six hours. The Exchanges Each city of any size has one or more exchanges; a produce exchange, a cotton exchange, a metal exchange, a tobacco exchange, a stock exchange, etc., either singly, or in combination, as a Board of Trade, for instance. At each is received a continual stream of telegraphic information concerning the movements of commodities, weather conditions, rates of freight, etc., each of which has some effect on prices. The general effect of the exchange is beneficial, although some persons use it as a means of speculation. An increase in a local price is reduced by the prompt receipt of a supply from a neighboring section when the cost at the latter is sufficiently less to stand the cost of transportation. Cabbage and eggs are frequently shipped from Germany to our Atlantic ports, as are potatoes from Scotland. and from Ireland. Australia sends meat to California. Sight Problems 1. Find the brokerage on each of the following: a. 4000 bushels of oats at c. 240 bags of coffee at 4 per bushel. per share. per bag. d. 1000 barrels of pork at 21 per bbl. e. 1500 bales of cotton at 5¢ per bale. 2. A broker received a commission of $150 on a sale of wheat. How many bushels did he sell if his commission wasper bushel? 3. At the rate of 4 cents per bag, how many bags of coffee must a broker buy to entitle him to a commission of $100 ? 4. How much does a broker receive for selling a $10,000 bond at the rate of %? Written Problems 1. A broker buys for the Planet Mills 10,000 bushels of wheat at $1.05 per bushel. What is the cost delivered at the mill, including brokerage of 1¢ per bushel, and § ¢ per bushel for transportation charges? 2. Find the cost of 1000 barrels of pork at $21.75 per barrel and brokerage at 2 cents per barrel. 3. The Fulton Mills bought 1000 bags of coffee, weighing 130 pounds each, at 12.42 ¢ per pound and paid 4 ¢ per hag brokerage. (a) Find the cost of the coffee. (b) What will be the cost of the coffee when it is roasted, if the expense of roasting is per pound? (c) If it is then put into bags holding 100 pounds each, how many bags of roasted coffee will there be, if the coffee loses 15 % of its weight by the roasting? Sharing Expenses Preparatory Exercises 1. Mr. A needs the use of a traction engine for 120 days in a year. Mr. B needs it for 100 days, and Mr. C for 80 days. (a) For how many days do the three need it? (b) For what part of this time does Mr. A need it? (c) Mr. B? (d) Mr. C? 2. If the three unite in the purchase of an engine for $1500, with the understanding that Mr. A should have the use of it for of the year, Mr. B for of the year, and Mr. 18 C for of the year, how much should (a) Mr. A contribute to the cost? (b) Mr. B? (c) Mr. C? 3. Mr. Miller insures his property in Company No. 1 for $2000 and in Company No. 2 for $4000. What share of a loss should be paid (a) by No. 1? (b) By No. 2? 4. If Mr. Miller's loss by fire is $1200, how much should he receive (a) from Company No. 1? (b) From Company No 2? Written Problems 1. A fire loss of $3915 is shared by three companies, company A having insured the property for $4000, B for $6000, and C for $8000. What share of the loss should be paid by each? PROCESS $4000+ $6000 + $8000 = $18000. Total insurance. 18000: 4000 :: 3915: A's share 18000: 6000 3915: B's share :: 18000 8000 :: 3915: C's share Test by adding the three shares. 2. In a storm it was necessary to throw overboard 90 tons of wheat in order to save a vessel. If the cargo consisted of 105 tons belonging to A, 180 belonging to B, and 315 belonging to C, (a) what share of the loss should each bear? (b) How many tons of the remaining cargo should each receive? 3. A fertilizer contains 10 parts of nitrate of soda, 17 of kainit, and 53 of phosphate. How many pounds of each are contained in a ton? 4. A farmer needs 2700 cu. yd. of concrete. How many cu. yd. (a) of cement, (b) of broken stone, and (c) of cement must he procure if 1 cu. yd. of the first is needed to 1 cu. yd. of the second and 2 cu. yd. of the third? Partnership Wm. Arnold and John Fleming were employed by the same firm at a monthly salary of $100 each. The former had saved $3000 and the latter $2000. They started in business as Arnold and Fleming, each contributing his entire savings to the capital of the new firm. The written agreement provided that the profits should first be devoted to the payment of 6% interest to each on the sum contributed by him, and that the remainder, if any, should be equally divided between the two partners. Sight Problems 1. What is the interest at 6% on the capital of $5000? 2. What remains from profits of $ 3300 after the deduction of the above interest? 3. What is (a) Mr. Arnold's share of the profits, including interest on the capital invested by him? (6) Mr. Fleming's share ? |