11. Edgar gave $20 for a colt and sold it for $30: what per cent. did he gain?

Solution. He gained the difference between $30 and $20, or $10. $20 is 100% of $20; and since $10 is of $20, it is of 100%, or 50% of $20.

12. A boy bought a knife for 50 cents and sold it for 40 cents: what per cent. did he lose?

13. Silas bought a pair of shoes for $2.50, for which the dealer paid $2: what per cent. did the dealer gain?

14. William bought 8 bushels of chestnuts for $24, and sold them for $32: what per cent. did he gain?

15. of 16 is twice what per cent. of of 50?

16. $50 is of what Honora paid for 12 books: she sold them for $6.25 apiece: what per cent. did she gain? 17. Thomas bought 1 dozen shawls at $8 apiece, and sold of them at $10 apiece, and the remainder for cost what per cent. did he gain?

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18. Edwin sold a cow for $60 and thereby cleared the money what per cent. would he have gained, if he had sold it for $63 ?

19. Ira sold his bicycle for $110 and thereby gained 10% what was the cost of the bicycle?

Solution. A gain of 10% is % of the cost; of the cost plus the cost equals of the cost, or $110; o of the cost equals of $110, or $10, and 18 of the cost equals 10 times $10, or $100.

20. Jennie sold a hat for $7 and thereby lost 30%: what did she pay for the hat?

21. By selling his dog for $9 Charles gained 80% : what did he pay for the dog?

22. Sarah sold some silk for $1.80 a yard, and thereby gained 20% how much did she pay for the silk?

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23. Albert gained 30% by selling his horse for $260 for what should he have sold it to lose 8 per cent. ?

24. Thomas sold his watch for $81, thereby losing 10%: for what sum should he have sold it in order to gain 10 per cent.?

25. A drover sold a lot of horses so that of what he received equaled what he paid: what was his gain per cent. ?

26. 40 is 20% less and 25% more than what numbers?

27. A merchant sold some goods for $60 and thereby lost 20%; he then bought more goods for $60 and sold them at a gain of 20%: what was his entire gain or loss ?

28. A farmer sold a horse and carriage for $300, receiving twice as much for the horse as for the carriage. On the horse he gained 25% and on the carriage he lost 20% did he gain or lose, and how much?

DEFINITIONS.

ART. 265.-Profit and Loss are terms used to denote the gain or loss in business transactions. They are generally estimated at a rate per cent. on the cost, or money invested.

When an article is sold for more than cost, it is sold at a premium or profit or gain; when sold for less than cost, it is sold at a loss or discount.

1. The Base is the cost or sum invested.

2. The Rate is the rate per cent. of profit or loss. 3. The Percentage is the gain or loss.

Formulas.-Gain or loss cost × rate %

WRITTEN EXERCISES.

1. A merchant bought $650 worth of cloth and sold it at an advance of 20%: how much did he gain?

2. A farm that cost $18,500 was sold at a loss of 15% what was received for it?

3. Potatoes bought at $1.20 a bushel were sold at a discount of 12% for what sum per bushel were they sold?

4. A drover bought cattle at $48.50 a head and sold them at 8% advance: what did he get for each animal?

5. A merchant sold a lot of goods at 16% advance, and thereby gained $375.60: what did he pay for them? 6. A horse was sold for $240, which was at a loss of 4% how much did it cost?

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7. A tailor marked a coat 25% above cost, but fell 20% of his asking price: did he gain or lose?

8. A merchant marked his goods 25% above cost, but a rise in the market caused him to add 20% to the asking price: what was his gain per cent. ?

9. Bought 72 cords of wood at $3.20 a cord, and sold it at a gain of 25 per cent.: what was the gain, and what the selling price per cord ?

10. A merchant's stock of goods cost $8,400 if he sold at an advance of 15%, what were his profits after deducting $364.75 for expenses?

11. Bought a hogshead of sugar containing 8 cwt. 48 lb. for $63.60: at what price per pound must it be sold to gain 20% ?

12. A drover bought 160 head of cattle at $38 per head, and sold them for $5,472: what was his loss per cent.?

13. At what price must cloth which cost $2.40 per yard be sold to gain 12% ?

14. A dealer sold two pianos for $460 each; on one he

made 20%, and on the other 15%: what was the total gain?

15. A stationer bought goods at 20% off the list price: if he retails them at the list price, what will be his per cent. of profit ?

16. A horse and carriage were sold for $400, the horse bringing 3 times the price of the carriage. If there was a profit of 20% on the horse and a loss of 20% on the carriage, what was the gain on the two?

17. I bought two donkeys at $75 each, and sold one at an advance of 33%, and the other at a loss of 331%: did I gain or lose?

18. If a house is sold for of its cost, what is the loss per cent.?

19. A house and lot were sold for $8,500, the gain being $1,500: if $1,500 more had been received, what would have been the gain per cent.?

20. How shall goods costing $600 be marked, so that the seller may fall 10% of the price asked, and still make 5%?

SUGGESTION.-After a fall of 10% on the asking price, there must be left a profit of 5% of $600; hence, $630 must be the price received, but this is a fall of 10% or 1, so that $630 is % of the price that should be asked,

21. If I buy wood at $4.80 per cord, what price shall I ask so that, after a deduction of 15% is made, the gain shall be 61% ?

22. By selling an interest in a ship for $13,360, Captain Burton gained 18%: what price would he have received had he lost 8% ?

23. I bought pottery ware at 25%, 20% and 10% off: what per cent. did I pay for my goods?

NOTE.-The foregoing is an example of "Trade Discount,' or continuous discounts. It means that 25% is deducted from the list price, 20% from the remainder, and 10% from what is left. Thus, the list price or 100% 25% is 75%; 20% of 75% is 15%, and 75% - 15% = 60%; 10% of 60% is 6%, and 60% - 6% = 54%, which is the actual cost.

24. If I buy a book marked $4.80 at 25% and 20% off, and sell at a gain of 25%, what will I gain?

25. Walker bought a Newfoundland dog for $25, and set a price, so that after falling $18 he gained 20%: what per cent. of the asking price did he deduct?

26. If the population of New York is 50% more than that of Philadelphia, what per cent. less is the popula tion of Philadelphia than that of New York?

27. Harry sold Philip a pony, and gained 25%; Philip sold it to Peter for $48, and gained 20%: what did Harry pay for the pony?

28. If a house is bought for of its value, and sold for 20% more than its value, what is the gain per cent.?

29. A grocer bought 4 barrels of sugar, each containing 240 pounds, at 8 cents a pound, and sold it at a profit of 25 per cent.: what was the selling price per pound?

30. A farmer sold two loads of produce for $24.36 each. On one he lost 20 per cent., and on the other gained 20 per cent. was there a gain or loss on the sale of both, and how much?

31. A man bought flour for $1,000, but 40% proved worthless, and he sold the remainder at a gain of 50%: did he gain or lose, and how much?

32. A ship lost 33% of its cargo in a storm; 331% of what was left was sold at cost, and on the remainder a gain of 331% was made: what was the result of the transaction ?

33. Illustrate Profit and Loss by an original problem.