eftates in reverfion, compound intereft is usually allowed to the purchaser for his ready money, and therefore it is neceffary that it should be understood. E X A M P LE S. 1. What is the compound intereft of 400l. forborn 3 years, at 4 per cent. per annum £. 400=1ft. y's. p. 400 ? 4 £16,00 16 449 18 10 the amount. £49 18 103 Anf. Gr 2. What will 120l. amount to, in 4 years, at 41 per sent. per annum, compound intereft ? Anf. 1431. 28. old. 3. What is the compound intereft of 410l. forborn 21 years, at 4 per cent. per annum, fuppofing the intereft payable half-yearly? Anf. 481. 4s. 114d. 4. Find the amount of 450l. 10s. forborn 3 years, at 4 per cent. per annum ? Anf. 5141. 18. 101d. 5. What will 500l. amount to, in 4 years, at 44 per cent. per annum, compound intereft? Anf. 590l. 11s. 5id. 6. Required the amount of 1351. 10s. 6d. forborn 14 years, at 4 per cent. per annum, fuppofing the intereft payable quarterly? Anf. 1451. 58. 112d. 7. I demand the feveral amounts of 600l. payable yearly, half-yearly, and quarterly, being forborn 2 years, at 4 per cent. per annum, compound intereft? Anf. 6581. 78. old.-6591. 1s. 21d.-6591. 8s. 5id. 8. What 8. What is the compound intereft of 160l. forborn 2 years, 9 ms. 15 ds. at 5 per cent. per annum ? 9. What is the compound intereft of 40931. forborn 4 years, 10 mos. 15 ds. at 5 per cent. per annum? Anf. 10991 148. 51d. 10. What 10. What is the amount of 440l. 16s. for 3 years, 11 ms. 10 ds. at 3 per cent. per annum, compound Anf. 5081. 38. 31d. intereft? REBATE REbate or DISCOUNT. or discount is an allowance made for the present payment of due at money any. time to come; and is the difference between the money due at the time mentioned and its present worth. Prefent worth is that fum which would, if put out to interest at the rate per cent. and for the time agreed upon, amount to the money which is to be discounted. RULE. When the difcount is required,-ftate, as the amount of 100 pounds for the given rate and time is to the intereft of 100 pounds fo is the fum given to the discount. And, when the present worth is required,ftate, as the amount of 100 pounds for the given rate and time is to 100 pounds: : fo is the fum given : to the present worth. REMARK. Bankers, &c. when they discount bills, find the intereft of the fum drawn for, from the time when the bill is discounted to the time when it becomes due, including the days of grace, which intereft they reckon as the discount, thereby making the discount more than it really is. But when goods are bought or fold, and discount is to be made for prefent payment, at any rate per cent. without regard to time, the intereft of the fum is calculated for a year in the discount. |