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PROFIT AND LOSS.

95. At a gain of 20 % of the cost of an article, what part of the cost equals the gain?

96. How much is gained by selling goods at 10 % profit when the cost is $25?

97. How much is lost on goods which cost $40 by selling them at a loss of 12% ?

98. A grocer buys tea at 45 cents a pound, and sells it at 60 cents a pound. What is the gain per cent?

99. Sold a cow

the gain per cent?

which cost me $40 for $45. What was

100. Sold a horse for $120, and gained 163 %. What did it cost?

101. Sold goods for $108, and lost 10 %. What was their cost?

245. Profit and Loss, as commercial terms, express the gain or loss in business transactions.

246. The base of computation is the cost, the gain or loss is the percentage; and the cases which occur correspond to, and are solved like the preceding cases of percentage.

WRITTEN EXERCISES.

102. How much is made by selling flour at 20% profit which cost $7.75 a barrel ?

103. A dealer sold a stock of goods, damaged by fire, at an average of 663 % less than cost. The cost being $ 18240, what was the loss?

104. Of a carload of fruit 25% is spoiled. I sell the remainder for 163% advance on its cost. What is my profit or loss on the load if it cost $400 ?

105. A merchant sold a cask of molasses which cost him $ 69.60 at a profit of 15%. What did he gain?

106. If I pay for goods $350.50, and sell them at 61% loss, how much shall I lose?

107. Sold a house which cost me $3500 at a gain of 8%. What did I receive for it?

108. Sold a carriage for $210 at a loss of 16 %. the cost?

What was

109. What per cent was gained by selling property that cost $2400 for $2550 ?

110. Bought hams for 8 cents a pound. What per cent will be gained by selling them at 12 cents a pound?

111. Sold goods for $3312.70, and made 5 %. What was the cost?

112. If I am compelled to lose 12% on damaged goods, how should I sell those that cost me $560 ?

113. When the cost of flour is $ 7.50 a barrel, and the expense of selling 6%, at what price must it be sold to gain 5%?

114. Of goods worth $ 1600, one fourth is sold at a profit of 15%. For how much must the remainder be sold to gain 20% on the whole ?

115. Sold a watch for $28, and gained 12%. What per cent would I have gained or lost if I had sold it at $ 24?

116. Bought a cask of molasses containing 120 gallons for $ 50. But, a fifth of the molasses having leaked out, for what must the remainder be sold a gallon to gain 10% on the purchase?

117. By selling hay at $15 a ton I lose 10%. At what price must I sell it to gain 15% ?

118. A merchant sold goods for $150 and lost 10%, whereas he should have gained 30% per cent. How much were they sold under their proper value?

119. Bought goods for $14500. Half of them I am obliged. to sell at a loss of 20%. If I sell the other half at a gain of 20%, what shall I gain or lose on the whole?

COMMISSION.

120. How much should be received for selling $ 500 worth of goods if 3% is allowed?

121. How much must be paid for selling $ 800 worth of goods at 5% ?

122. A collector of $700 was paid 24% for his services. How much did he receive?

247. Commission, or Brokerage, is the compensation or percentage allowed an agent for transacting business. The agent may be known as a factor, broker, or commission merchant.

248. The commission is usually a certain per cent of the sum invested or collected by the agent, the investment or the collection being the base, and the commission the percentage.

WRITTEN EXERCISES.

123. What is the commission on the sale of $ 5678 worth of cotton cloth at 21% ?

124. A broker negotiated the sale of $3500 United States securities at a brokerage of 4%. What was the brokerage? 125. A commission merchant sold goods to the amount of $7896.50. What was his commission at 2%?

126. Find the commission on the sale of 368 barrels of flour for $6.50 a barrel, the rate of commission being 2%.

127. An agent invests $5000 for me in the purchase of land. His commission being 4%, how much shall I send him to cover all the cost?

128. My agent has sold goods for me amounting to $ 13500. His charges are: commission, 21%; guarantee, 2%; cartage and storage $16.50. How much is due me?

129. I sent my agent $1500 to invest after deducting his commission of 21%. What sum can he invest, and what will be his commission?

Solution. The remittance includes the investment and the commission. The investment is 100% of the investment, and the commission is 2% of the investment. The remittance, therefore, or $1500, must be 102% of the investment. $1500 is 102% of · × 1 0 0, or $1463.41+. This, subtracted from the remittance, 1500, gives as the commission $36.59.

1500 1021

130. A commission merchant receives $650 to invest in goods after deducting his commission of 3%. What will be his commission?

131. I have remitted to an agent $1426.80, with instructions to lay it out for me in flour at $ 6.50 a barrel, after deducting his commission of 2%. How many barrels can he buy?

132. An agent received a sum of money to lay out after deducting his commission of 2%. He laid out $1392. What was the sum he received?

133. A commission merchant sold on commission goods for $8134.75, and received $334.75, which included a charge for cartage, freight, and storage of $22.75. What was the rate of commission?

134. A lawyer collected 65% of a note of $ 950, and charged 61% commission. Find his commission.

135. A factor received 5% for buying wool. His commission amounted to $208.50. How much did he pay for the wool?

136. Sent my agent $4100 for the purchase of iron after taking out his commission of 21%. After he had bought the iron, I changed my business and telegraphed him to sell the iron at cost. He did so, taking a commission of 2% on the sale, and sent me the balance. How much did I lose by

the transaction?

INSURANCE.

137. What is the cost of securing the payment to me of $1000 in case my house is destroyed by fire, when 2% is paid to those taking the risk?

138. What will be the annual charge at 1% for taking the risk of $3000 against loss or damage on merchandise ?

249. Insurance is security against loss.

250. The Premium is the sum paid for insurance.

251. The Policy is the writing containing the contract of the insurer with the insured.

252. The sum insured is the base, and the premium is the percentage.

WRITTEN EXERCISES.

139. What is the cost of insuring $3600 on a house for 5 years at 2%, and $1 for the policy?

140. What is the premium for insuring $ 5545 on merchandise for one year at 24% ?

141. What is the amount paid for insurance on of a ship valued at $ 68000 at 3 %, and $1 for the policy? 142. A factory is insured for $ 55000 at 21%. If the property should be burned, what loss would the insurer actually sustain ?

143. A house was insured for of its value at 11%, and the premium was $27. What was the value of the house? 144. Paid $73, including $1 for policy, for the insurance. of $3600 in a house. What was the rate of insurance?

145. A man 44 years of age takes out a life-policy for $15000 for the benefit of his wife, at the yearly rate of $26.50 per $1000. Should his death occur at the age of 74, how much more would his widow receive than had been paid in yearly premiums?

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