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7. Bought bonds at 60%, sold them at 80%; brokerage in the purchase and sale 11%; the gain was $179. What was the face of the bonds?

11% of 60% = 3
1 × } = 10%.
11% of 80%

= 18%.

21% is paid for brokerage, the gain is

20% 26% =

171% 179
=

1000

= $179.

1888 = 1 = 179 × 1000 = $1000, Ans.

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8. What is the face of a draft costing $3193.19, bought at a premium of 14%?

$3193.19 × 8 = $3146.

21% = 21%.

9. Bought a draft on New Orleans at 1 per cent discount for $990; what was the face of the draft?

Ans. $1000.

50

10. Invested $6750 in stocks at 25% discount. What was the par value of the stocks? Ans. $9000.

11. Invested $6250 in stocks at 60%, and brokerage 21% What is the par value of the stocks? Ans, $10000.

12. How much gold at 51% premium, can be bought for $2268.25 ? Ans. $2150.

170%.

13. Bought goods at 80 cts. per yard, and sold at 90 cts. per yard. What per cent did I gain?

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14. Bought goods at 80 cts., and sold at 70. What per cent did I lose ?

10 =

121%.

15. Bought goods for $1 and sold for $4. What per cent did I gain?

121

100

300%.

16. Bought goods for $4 and sold for $3. What per cent did I lose?

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300 i

100

=

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25
1 = 10% = = 25%.

17. Bought goods for $5 and sold for $2. What per cent did I lose?

60
B = 100 = 60%.

18. Bought for $1 and sold for 75 cts. Icent did I lose?

=

FRUKO
25 = 25%.

19. Bought goods for $160 and sold for $180. What per cent did I gain?

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What per

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INSURANCE.

Insurance of property is a guarantee of a certain sum of money in case the property is lost by fire or any casualty.

The contract for insurance is termed a Policy, and the sum paid annually is the Premium.

The Premium is a certain percentage on the amount of risk.

There are different modes of insurance, but all are dependent on the principle of percentage.

$6000 ×

EXAMPLES.

1. What is the premium on property on which a risk of $6000 is taken, at 1% for one year?

= 20 = $30.00.

2. What is the premium on a risk of $5000, on which a premium note is given for 5% of the risk, and the interest on the note is 4% ?

Note 5000 × 150 = $250. Interest on note = 250 × 100 $10 Premium. If the policy cost $1.00, the expense for the first year is $11.00.

100

REM.-Sometimes the premium is made to cover both property and premium, in which case the risk is equal to the sum of the value on property and the premium.

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3. What amount must I have insured at 1% premium, when the risk on the property is $9950 ?

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INTEREST.

Interest is an allowance for the use of money. It is reckoned by percentage; thus, 5%, 6%, etc., meaning for a year, when not otherwise expressed; for any other time it is as the ratio of the time; thus, the interest of $100 at 6% is $6 for a year, for two years $12, and for six months $3.

PROBLEMS.

1. Find the interest of $150, at 6%, for 1 year. $150 X TO = $9.

For 8 months.

$1.50 × × = 1.50 × x 1

For 6 months.

$1.50 × × = $4.50.
X

1

= $6.00.

For 14 months.

$1.50 × × = 1.50 x = $10.50.

7

2

COR.-At 6%, the rate per cent. for any number of months is the number of months; thus, for 8 months it is 4%, for 6 months it is 3%, and for 14 months 7%.

2. Find the interest of $150, at 6%, for 129 days?
$150 × 8 × 18 $150 × 12% = $3.225.

6000

60

=

COR.-The interest of a sum of money for any number of days is equal to the product of the sum of money and

the number of days divided by 6000; or, if the number of dollars be multiplied by the number of days and this product divided by 6, the quotient is the interest in mills; point off three decimals and it is reduced to dollars, cents, and mills.

If the rate of interest is 7%, add ; if 8%, add ; if 9%, add ; if 5%, deduct ; if 4%, deduct; if 3%, take

The rate for 200 months is 100%; that is, the interest is equal to the principal.

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EXAMPLES.

1. Find the interest of $625, at 6%, for 8 months.

Rate for 8 mo. is

$6.25 × = $25.00.

For 8 mo. and 20 days, 8 mo., rate 41%. 41 $6.25

$625 ×

= $625 × 1030 =

100

3

$27.08.

If months and days are computed separately.

$625 × 1 = $25.00

$625 × 300 =

2.081 $27.081

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