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19. If I buy 28 pieces of stuffs at 4 L. per piece, and sell 10 of the pieces at 6L. per piece, and 8 at 5L. per piece; at what rate per piece must I sell the rest, to gain 20 per cent. by the whole? Ans. 3L. 8s. 91d.

20. Having bought a parcel of goods for 18 L. and sold the same immediately for 25 L. with 4 months credit, what is gained per cent. per annum? Ans. 116L. 13s. 4d.

FELLOWSHIP.

Fellowship is a rule, by which merchants, &c. trading in company with a joint stock, are enabled to ascertain each person's particular share of the gain or loss, in proportion to his share in the joint stock.

By this rule also legacies are adjusted, and the effects of bankrupts divided, &c.

CASE 1.

When the several stocks in company are considered without regard to time.

RULE.

As the whole sum, or stock,

Is to the whole gain or loss;

So is each person's share in stock, &c.

To his share of the gain or loss.

PROOF.

The sum of the several shares must equal the gain. or loss.

EXAMPLES.

1. Three merchants trading together, gained 800 dollars; A's. stock was 1200 dols. B's. 4800 dols. and C's.. 2000 dols.: what was each man's share of the gain?

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As 8000 800 :: 1200: 120 A's share of gain.
As 8000 800 :: 4800: 480 B's share of gain.
As 8000 800 2000 200 C's share of gain.

2. D. E. and F. trading together gained 120L. D's stock was 140L. E's was 300 L. and F's was 160 L.; what was each man's share of the gain?

Ans. D's share was 28L. E's 60L. F's 32L.

3. Three merchants trading together, Iost goods to the value of 1920 dols.; now suppose A's stock was 2880 dols. B's 11520 dols. and C's 4800 dols.; what share of the loss must each man sustain?

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4. A, B, and C, freighted a ship with 108 tuns of wine, of which A. had 48 tuns, B. 36, and C. 24, but by reason of stormy weather were obliged to cast 45 tuns overboard ; how much must each man sustain of the loss?

Ans. A. 20 tuns, B. 15, and C. 10.

5. If the money and effects of a bankrupt amount to 1400 L 14s. 6d. and he is indebted to M. 742L. 12s. to B. 641 L. 19s. 8d. and to C. 987 L. 19s 9d.: how must the property be divided among them?

M. must have 438 L. 8s. 41d.

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379 L. Os. 3 d. 583 L. 5s 92d.

6. Suppose a person is indebted to S. 70 L. to T. 400L. and to V. 140 L. 12s. 6d. but upon his decease his property is found to be worth only 409 L. 14s.: how muct it be divided among his creditors?

(S. must have 46L 19s. 3 d.

Ans. T.
V.

268 L. 7s. 74d. 94 L. 78. old.

7. Three graziers pay among them 120 dols. for a grass inclosure, into which they put 300 oxen, whereof L. had 80, N. 100, and C. 120; how much should each person Ans. L. 32 dols. N. 40 dols. and C. 48 dols.

pay?

CASE 2.

When the respective stocks in company are considered with time.

RULE.

Multiply each man's stock by its time; then,

As the sum of the products,
Is to the whole gain, or loss;
So is each particular product,

To its share of the gain, or loss.

EXAMPLES.

1. Three merchants traded together; A. put in 120L. for 9 months, B. 100 L. for 16 months, and C. 100 L. for 14 months, and they gained 100 L.; what is each man's share?

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2. B. C. and D. traded together; B. put in 50 dollars for 4 months, C. 100 dollars for 6 months, and D. 150 dollars for 8 months; they gained $126.80: what is each man's share of the gain?

Ans. B's share is $ 12.68, C's $38. 4, D's $76.8.

3. B. and C. trade in company; B. put in 950 L. for 5 months, and C. 785 L. for 6 months, and by trading they gain 275 L. 18s. 4d.: what is each man's share of the gain? Ans. B's 138 L. 10s. 10d. C's 137 L. 7s. 6d.

4. Three merchants trade in company; A. put in 400 L. for 9 months, B. 680 L. for 5 months, and C. 120 L. for 12 months; but by misfortunes lost goods to the value of 500 L.: what must each man sustain of the loss?

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3. A. B. and C. made a stock for 12 months; A. put in at first $873. 60, and 4 months after he put in $96.00more; B. put in at first $979. 20, and at the end of 7 months he took out $206.40; C. put in at first $355.20,

and 3 months after he put in $206. 40, and 3 months after that he put in $240.00 more. At the end of 12 months their gain is found to be $3446. 40; what is each man's share of the gain? A's share is $1334.82

Ans. B's

C's

$1271.61+

$839.96

EXCHANGE.

Exchange is a rule by which the money of one state or country is reduced to that of another.

Par is equality in value ;* but the course of exchange is frequently above, or below par.

Agio is a term used to signify the difference, in some countries, between bank and current money.

DOMESTIC EXCHANGE.

To change the currency of either State into that of any other, work by the Rule of Three; or by the theorems in the following page.

EXAMPLES.

1. What is the value of 750 L. Massachusetts currency, in New-York?

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Ans. 1000 L.

Or thus:

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*Note.-A Spanish dollar is valued at 4s. 6d. sterling, and at 7s. 6d. Pennsylvania currency: 4s. 6d. sterling is, therefore, equal to 7s. 6d. Pennsylvania currency, and 100L. of the former is equal to 166 L. of the latter. When exchange between England and Pennsylvania is at this rate, it is said to be ar par.

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either opposite to that state, or under it, in the table. Note. The value of a dollar in any state is found,

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