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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?

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21% is paid for brokerage, the gain is

20%-20% = 17%.

171% 179

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= $179.

= $1000, Ans.

1888 = 1 = 179 × 1000

179

8. What is the face of a draft costing $3193.19, bought at a premium of 11%?

$3193.19 x9= $3146.

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

Ans. $1000.

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.

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?

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

= 308 = 300%.

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

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

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18. Bought for $1 and sold for 75 cts.

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What per

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

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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.

EXAMPLES.

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

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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 × 100 = $250.

Interest on note = 250 x 100

If the policy cost

is $11.00.

=

$10

Premium.

$1.00, the expense for the first year

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.

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.

For 8 months.

$150 × 180 = $9.

$1.50 × rửa X r = 150 X rửa = $6.00.

For 6 months.

3

$1.50 × × = $4.50.

For 14 months.

7

$1.50 × × } = 1.50 × = $10.50.

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 × × 1 = $150 × 128 = $3.225.
1 129

360

60

8000

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 1; if 5%, deduct ; if 4%, deduct }; if 3%, take 1.

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

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

Rate for 8 mo. is 100.

$6.25 × = $25.00.

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

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If months and days are computed separately.

$625 × 1 = $25.00

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