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7. Suppose I owe 3001 to be paid in 3 months, but am willing to pay 120/ down, provided the time of payment for the remainder of the debt is lengthened in proportion, and that my creditor agree thereto;—the time is required?

8. What is the just time for the payment of 3 debts, the first 2391 12s. 6d. the second of 1471 17s. 6d. and the third for 2801 10s.; the first due in 9 months, the second in 15 months, and the last in 24 years?

9. If a debt of 1000l be payable one half in 6 months, one fourth in 8 months, and the remainder in 12 months; what is the equated time for the payment of the whole?

EXCHANGE.

EXCHANGE is the bartering or exchanging the money of one place or country for that of another, by means of bills of exchange, orders for the payment of money, or the removal of money from one country to another, and is comprehended in this problem, how much of one country's money is equal in value to a certain sum of another country's money, at a given rate or proportion.

The par of Exchange between two countries is the intrinsic value of the money of one compared with that of the other. The course of exchange is the value agreed upon by merchants or their factors, and is continually fluctuating above or below the Par of Exchange, according as the demand for bills is greater or less.

All calculations in Exchange may be performed by the rule of proportion, and the operation may be often abbreviated by means of aliquot parts and other devices.

In Foreign Exchanges, one place always gives another a fixed sum or price, to receive an undertimed one.

Merchants and traders in Ireland, for the most part, have no direct exchange with any other place, therefore, exchange between England and Ireland, and the contrary, would be suf ficient for the generality of them; yet, as they draw their Foreign demands by way of London, I have given the mode of calculating exchange, not only between Great Britain and Ireland, but also between that country and a few other places of most general intercourse,

The Theory of Exchange is the same in all places, and after a knowledge of the different divisions and denominations of the money exchanged, may be comprised in the following

GENERAL RULE. As one of the given sum of one country, is to another given sum of the same, so is the sum of money. of the other country equivalent to the first term, to the sum of money of that country, equivalent to the second term,

EXCHANGE BETWEEN ENGLAND AND IRELAND. In Great Britain, as well as in Ireland, accounts are kept in pounds, shillings and pence, but the pound English is equivalent to 1 1s. 8d. in Ireland, the British shilling is therefore 12d. in England and 13d. in Ireland, and 100% English at Par equal to 1084 6s. 8d. or 108 Irish. Hence, the Par of Exchange is 8 per cent.

Ireland exchanges with Great Britain, at so much per cent or per 1007, which varies at different times, according to circumstances, from 5 to 20 per cent.

In this case England gives the certain, and Ireland the uncertain price.

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CASE 1st. To bring English money into Irish, at Par.
To the English money add thereof, the sum is Irish.

Examples.

1. In 564/ British; how much Irish at Par?

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Answer as before,

2. In 2401 14s. British; how much Irish at par 3. Reduce 1491 15s. Od. British, to Irish at par 4. Reduce 4171 12s. 6d. British, to Irish at par?

CASE 2d. To reduce Irish money into English at Par? From the Irish money subtract thereof, the remainder is English.

Operations in Exchange may be proved by reversing them, and in many cases this can also be done by varying the method of calculation:

Example.

5. In 6117 Irish currency; how much English at par?

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6. What is the value of 7421 Irish currency, in British sterling exchange at par?

7. What is the amount in British currency of 3271 15s. Od. Irish at par ?

8. What is the amount in British currency of 4171 12s. 6d. Irish at par?

CASE 3d.To reduce English money into Irish at any rate per cent.

As 100 is to the given sum English, so is the given rate to the exchange, which added to the given English, will give the Irish money required.*

Or, as 100 is to the given sum English, so is 1007 with the given rate added thereto, to the Irish money required. Or, may be often expeditiously performed by means of aliquot parts.

Cramples.

9. What will 8641 British currency, amount to in Ireland, at 7 per cent ?.

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*This is the rule made use of by merchants, but they practice it in such a manner, as conceals the application of the Rule of Proportion.

10. What will 2171 15s. 6d. British currency, amount to in

Irish, at 10 per cent.?

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11. What will 10937 13s. 3d. British currency, amount to in Irish, at 12 per cent.?

12. What will 21051 17s. 6d. British currency, amount to in Irish currency, at 10 per cent.?

13. What will 5207 12s. 6d. British currency, amount to in Irish, at 157 per cent.?

14. What will 1931 12s. 6d. British currency, amount to in Irish, at 8 per cent.?

15. What will 6751 18s. Od. British currency, amount to in Irish, at 9 per cent.?

16. If I have 341/ 13s. 4d. due to me in England, how much money am I to receive for a bill for this sum, exchange being 94 per cent.?

CASE 4th. To reduce Irish money into English, at any rate of exchange.

As 100% with the given rate added thereto, is to the given sum Irish, so is 1007 to the English required.

Or, as 1001 with the given rate added thereto, is to the given bum Irish, so is the rate, to the exchange; which subtracted from the given Irish money, gives the English required.

Example.

17. What will 9281 16s. Irish, amount to in British currency}

at 7 per cent.?

107 928 16 :: 100

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18. What will 2251 Irish, amount to in British currency, 5 per cent. ?

As 105: 225

:

100%

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Whenever, as in this example, the first and third numbers after being reduced, differ by 1 only, the English money is expeditiously found, by dividing the given Irish money by the first number, and subtracting the quotient therefrom. The following rates come under this observation, viz.-4r, 5, 5§, 64, 64, 74, 75, 84, 9ŵr, 10, 11†, 121⁄2, 144, 163 and 20 per cent. ?

19. What will 1617 10s Irish, amount to in British currency, at 7 per cent.?

20. What will 10937 13s. 3d. Irish, amount to in British currency, at 74 per cent?

21. A gentleman in Ireland has an estate, the neat yearly rent of which, is 25007; being in England, he requires his agent to remit him his half year's rent; for how much English money must his agent buy a bill, exchange being 10 per ct?

EXCHANGE WITH AMSTERDAM.

In Amsterdam they keep their accounts in florins, or guilders, stivers and perínings; also in pounds, shillings and grotes or pence Flemish.

Their smallest piece of money is a Penning, valued.

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There are two kinds of money in Amsterdam called banco, or bank money, and currency. In the former of these, all their bills are valued and paid. It is of purer metal than the currency, and hence, bears a premium of 3 or 4, sometimes 5 per cent, that is, 1001 bank money is valued at 1037, 104, &c. of currency. The premium is called Agio.

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