Εικόνες σελίδας
PDF
Ηλεκτρ. έκδοση

If 720 is 1, 1 is 720-90-8, and 103 is 8×100=

800.

90 1009

Ans. $800.

PROOF. $800X.10-$80, the premium he would pay, and $800-$80-$720, which is the value of his shop.

24. If I send an adventure to China worth $6250, what amount of insurance, at 8 per cent., must I obtain, that in case of a total wreck I may sustain no loss by the operation?

25. What amount of insurance must be effected on $11250, at 5 per cent., in order to cover both the premium and property insured?

PROFIT AND LOSS.

266. PROFIT and Loss in commerce, signify the sum gained or lost in ordinary business transactions. They are reckoned at a certain per cent. on the purchase price, or. sum paid for the articles under consideration.

MENTAL EXERCISES.

1. A merchant bought a barrel of flour for $6, and sold it at a profit of 10 per cent.: how much did he sell it for?

Suggestion.-Since he made 10 per cent. profit, if we add 10 per cent. to the purchase price, it will give the selling price. Now 10 per cent. of $6 is 60 cents, (Art. 225,) which added to $6, make $6.60.

Ans. He sold it for $6.60.

2. A grocer bought a box of oranges for $5, and sold it, at 12 per cent. profit; how much did he receive for his oranges?

3. A farmer bought a ton of hay for $9, and sold it

QUEST-266. What is meant by profit and loss? How are they reckoned?

for 10 per cent. more than he gave: how much did he sell it for?

4. Bought a sleigh for $12, and sold it at a loss of 8 per cent. how much did I receive for the sleigh?

Solution.-8 per cent. of $12, is 96 cents; and $12— 96 cents leaves $11.04. Ans.

5. Bought a box of honey for $5, and having lost a portion of it, sold the remainder, at 11 per cent. loss: how much did I receive for it?

6. A shop-keeper bought a piece of calico for $7, and sold it, at 12 per cent. profit; how much did he sell it for? 7. A lad bought a sheep for $3, and on his way home was offered 15 per cent. for his bargain: how much was he offered for his sheep?

8. A farmer bought a colt for $20, and offered to sell it for 5 per cent. less than he gave: how much did he ask for it?

9. A gentleman bought a horse for $100; after using it awhile, he sold it, at 7 per cent. loss: how much did he get for his horse?

10. A man bought a building lot for $150, and in consequence of the rise of property, sold it for 10 per cent. advance: how much did he get for it?

11. A hack-man bought a carriage for $200, and after using it for one season, sold it for 15 per cent. less than he gave for it: how much did he sell it for ?

12. A man bought a house for $800, and sold it the next day for 10 per cent. advance: how much did he sell it for?

EXERCISES FOR THE SLATE.

CASE I.

1. A merchant bought a quantity of grain for $75, and sold it for 8 per cent. profit: how much did he gain by the bargain?

Solution.-$75X.08 $6.00. (Art. 225.) Hence,

267. To find the amount of profit or loss, when the purchase price and rate per cent, are given.

Multiply the purchase price by the given per cent. as in percentage; and the product will be the amount gained or lost by the transaction. (Art. 225.)

2. A man bought a sleigh for $60, and afterwards sold it for 10 per cent. less than cost: how much did he lose? 3. A grocer bought a cask of oil for $96.50, and retailed it, at a profit of 6 per cent.: how much did he make on his oil?

4. A pedlar bought a lot of goods for $215, and retailed them, at 20 per cent. advance: how much was his profit?

5. A merchant bought a cargo of coal for $450, which he afterwards sold for 12 per cent. less than cost: what was the amount of his loss?

6. A manufacturer purchased $1000 worth of wool, and after making it up, sold the cloth for 25 per cent. more than the cost of the materials: how much did he receive for his labor?

CASE II.

7. A man bought a span of horses for $350, and wished to dispose of them for 12 per cent. profit: how much must he sell them for?

Operation. $350 purchase price. .12 per cent. profit. $42.00 gained. Ans. $392 selling price.

Reasoning as before, he must sell them for the purchase price, together with 12 per cent. of that price. Having found 12 per cent. of $350, (Art. 225,) add it to the cost, and the sum $392, is manifestly the selling price.

8. A stage proprietor bought a coach for $480; find

QUEST.-267. How is the amount of profit or loss found, when the cost and rate per cent. are given?

ing it damaged, he was willing to sell it, at 5 per cent. loss at what price would he sell it?

Operation.
$480 purchase price.
.05 per cent. loss.

$24.00 sum lost.

Ans. $456 selling price.

Having found the sum lost, (Art. 225,) subtract it from the cost, and the remainder is obviously the Hence,

selling price.

268. To find how any article must be sold, in order to gain or lose a given rate per cent.

First find the amount of profit or loss on the purchase price at the given rate, as in the last Case; then the amount thus found added to, or subtracted from the purchase price, as the case may be, will give the selling price required.

9. A merchant bought a firkin of butter for $22.75: how much must he sell it for in order to gain 15 per cent. by his bargain?

10. Bought a chest of tea for $37.50: for how much raust I sell it, in order to make 18 per cent. by the operation?

11. Bought a quantity of produce for $89.33, which I propose to sell, at 20 per cent. loss: how much must I receive for it?

12. A drover bought a flock of sheep for $275, and taking them to market, sold them, at 25 per cent. advance: how much did he sell them for?

13. A merchant had a quantity of groceries on hand, which cost him $367.13; for the sake of closing up his business he sold them, at 15 per cent. less than cost: how much did he get for them?

14. A man bought a farm for $875, and was offered 33 per cent. advance for his bargain: how much was he offered?

15. A merchant bought a cargo of cotton for $30000;

QUEST.--268. What is the method of finding how an article must be sold, in order to gain or lose a given per cent.?

the price declining, he sold it at 2 per cent. less than cost for how much did he sell it?

CASE III.

16. A man bought a cow for $25, which he afterwards sold for $29: what per cent. profit did he make?

Analysis.-Subtracting the cost from the selling price,

Now 4 dollars are of 25 of his outlay, or the purchase reduced to a decimal, is 16

shows that he gained $4. dollars; hence, he gained price of the cow. And hundredths, which is the same as 16 per cent. (Arts. 197, 223. Obs. 3.)

Or, we may reason thus: If 25 dollars (outlay) gain 4 dollars, 1 dollar (outlay) will gain of 4 dollars. Now $4÷25 is equal to 16 hundredths of a dollar. But 16 hundredths is the same as 16 per cent. Hence,

269. To find the rate per cent. of profit or loss, when the cost and selling prices are given.

First find the amount gained or lost, as the case may be, by subtraction; then make the gain or loss the numerator and the purchase price the denominator of a common fraction, which being reduced to a decimal, will give the per cent. required. (Art. 197.)

Or, simply annex ciphers to the profit or loss, and divide it by the cost; the quotient will be the per cent.

OBS. 1. As per cent. signifies hundredths, we have seen that the first two decimal figures which occupy the place of hundredths, are properly the per cent.; the other decimals are parts of 1 per cent. After obtaining two decimal figures, there is sometimes an advantage in placing the remainder over the divisor, and annexing it to the decimals thus obtained. (Art. 223. Obs. 3.)

2. It should be remembered that the percentage which is gained or lost, is always calculated on the purchase price, or the sum paid for

QUEST.-269. How is the rate per cent. of profit or loss found, when the cost and selling price are given? Obs. What figures properly signify the per cent.? Why? What do the other decimal figures on th right of hundredths denote? On what is the per cent. gained or lost calculated?

« ΠροηγούμενηΣυνέχεια »