3. Find the cost of a draft for $1600, payable 30 days after sight, when exchange is of 1% premium, and interest 6%.

4. Find the cost of a draft for $500, payable 60 days after sight, when exchange is of 1% discount, and inter

est 7%.

5. Find the cost of a draft for $1200, payable in 90 days after sight, when exchange is of 1% premium, and interest 7%.

6. Find the cost of a draft for $950, payable in 30 days, when exchange is at par and interest 4%.

7. Find the cost of a draft for $725, payable in 60 days, when exchange is at of 1% discount, and interest 5%.

8. Find the cost of a draft

when exchange is at

51%.

for $810, payable in 90 days,

of 1% premium, and interest

9. Find the face of a draft, payable 30 days after sight, that can be bought for $274, when exchange is at par, and interest 6%.

10. Find the face of a draft, payable 60 days after sight, that can be bought for $1250, when exchange is at of 1% premium, and interest 7%.

11. Find the face of a draft, payable 60 days after date, that can be bought for $1125, when exchange is at of 1% discount, and interest 5%.

12. Find the face of a draft, payable 30 days after date, that can be bought for $520, when exchange is at of 1% premium, and interest 4%.

13. Find the face of a draft, payable 90 days after date, that can be bought for $10,000, when exchange is at par, and interest 4%.

FOREIGN EXCHANGE.

(1) Find the cost of a draft on London for £502 12s., in New York, when sterling exchange is quoted at 4.85.

(2) Find the face of a draft on London that can be bought for $2425.77, when sterling exchange is quoted at 4.85.

$2425.77 $4.85 = 500.2.

£500.2 £500 4s. Ans.

EXERCISE LXXV.

1. Find the cost of a draft on London for £320 10s. 6 d., when sterling exchange is quoted at 4.83.

2. Find the cost of a thirty-day draft on London for £150, when thirty-day bills are quoted at 4.82, and the broker's commission is of 1% of cost of draft.

3. Find the cost of the following draft, when sixty-day bills are quoted at 4.81, and the broker's commission is of 1% of cost of draft :

£500.

NEW YORK, Feb. 17, 1881.

Sixty days after sight of this First of Exchange (Second and Third of the same tenor and date unpaid), pay to the order of James Wilson five hundred pounds, value received, and charge to account of

SIMON MORTON & Co.

NOTE. Foreign Bills are generally drawn in sets of three, of the same tenor and date, called First, Second, and Third of Exchange. These are sent by different mails to avoid loss or delay. When one is accepted or paid the others are void.

4. Find the face of a draft on Glasgow that can be bought for $2000, when sterling exchange is quoted at 4.84. 5. Find the face of a draft on Dublin that can be bought

for $135.24, when sterling exchange is quoted at 4.83. 6. How large a draft on London can be bought for $4000, when exchange is quoted at 4.86§.

Exchange on Paris is quoted at so many francs for $1.

Ex. What will be the cost of a draft on Paris for 7740 fr., when Paris exchange is quoted at 5.16?

7. Find the cost of a draft on Paris for 8000 fr., when Paris exchange is quoted at 5.12%, and brokerage is of 1%. 8. Find the cost of a draft on Paris for 10,000 fr., when Paris exchange is quoted at 5.14.

9. How large a sixty-day draft on Paris can be bought for $1500, when sixty-day bills are quoted at 5.11? 10. How large a sight draft on Paris can be bought for $2840, when Paris exchange is quoted at 5.13?

Exchange on Germany is quoted at so many cents for four reichmarks.

Ex. What will be the cost of a draft on Berlin for 4460 marks, when German exchange is quoted at .95?

11. Find the cost of a draft on Hamburg for 2876 marks, when German exchange is quoted at .951.

12. Find the cost of a draft on Munich for 12,000 marks, when German exchange is quoted at .94§.

13. How large a draft on Frankfort can be bought for $1200, when German Exchange is quoted at .95} ?

CHAPTER XX.

AVERAGES.

Ex. If a dozen eggs weigh.666, what is their average weight?

Since the 12 eggs weigh 6668, the average weight of an egg will be of 666o = 55.5%.

The average weight is sometimes called the mean weight.

EXERCISE LXXVI.

1. If a dozen eggs weigh 692%, what is the mean weight of an egg?

2. Seven boys weigh respectively 119.7 lbs., 105 lbs., 178.3 lbs., 165.3 lbs., 142.8 lbs., 109 lbs., 154.2 lbs. What is their average weight?

3. A merchant mixes 1 lb. of coffee worth 27 cents, 1 lb. worth 35 cents, and 1 lb. worth 40 cents. What are the three pounds together worth? How much a pound is the mixture worth?

4. A merchant mixes 2 lbs. of coffee worth 27 cents a pound, 3 lbs. worth 35 cents a pound, and 1 lb. worth 40 cents. What is a pound of the mixture worth?

5. What is the value per pound of a mixture of coffee containing 7 lbs. worth 26 cents a pound, 4 lbs. worth 31 cents a pound, and 10 lbs. worth 34 cents a pound? 6. What is the cost of a gallon of the mixture in which 7 gals. cost 67 cents a gallon, 5 gals. cost 48 cents a gallon, and water, without cost, was added until there were 15 gals. of the mixture?

7. If 7' of water be poured into a vessel containing 31 of sulphuric acid, specific gravity 1.840, and the mixture shrink to 9.972, what is the specific gravity of the mixture?

8. If 41 of water and 11 of sulphuric acid, specific gravity 1.842, when mixed shrink of 1%, what is the specific gravity of the mixture?

Ex. In what proportion must alcohol of specific gravity .800 be mixed with water to bring the specific gravity to .925, if no allowance be made for condensation?

The specific gravity of the alcohol lacks .125 of the required specific gravity; and specific gravity of the water is 075 above the required specific gravity.

Therefore, the alcohol is to the water in the inverse ratio of 125 to 75. That is,

To test this answer: 31 of alcohol weigh 2.4kg, 51 of water weigh 5kg; therefore, 81 of the mixture weigh 7.4kg, and the specific gravity of the mixture is 74 = .925.

9. In what proportions must tin of specific gravity 7.29 and lead of specific gravity 11.35 be mixed to make a solder of specific gravity 10.21, if no allowance be made for expansion or condensation? (Test the answer.)

10. In what proportions must oils worth $1.25 and 80 cents a gallon be mixed to make a mixture worth $1 a gallon? (Test the answer.)

11. In what proportion may oils worth $1.20, 80 cents, and 60 cents a gallon be mixed so that the mixture shall be worth 70 cents a gallon?

The price of the mixture may be brought to 70 cents by adding to the 60-cent oil either of the better oils, or both mixed in any proportion.