By removing the separatrix $55,00 at 1 per ct. two places to the left we obtain $27,50 at per ct. $55,00 the insurance at 1 per cent. Half this, or $27,50 is the insurance at } per cent. 2. What would be the premium for insuring a ship and cargo, valued at $37500 from New York to Liverpool, at 34 per cent. ? Ans. 1312,50. 3. What would be the insurance on a ship valued at $47520 at } per cent. : also at } per cent. ? Ans. $237,60.-$158,40. DISCOUNT Ø 196. If I give my note to Mr. Wilson for $106, payable in one year, the present value of the note will be less than $106 by the interest on its present value for one year: that is, its present value will be $100. The amount named in a note is called the face of the note. Thus $106 is the face of the note to Mr. Wilson. The present value of a note is that sum which being put at interest until the note becomes due would increase to an amount equal to the face of the note. Thus $100 is the present value of the note to Mr. Wilson. The discount is the difference between the face of a note and its present value. Thus, $6 is the discount on the note to Mr. Wilson. RULE. face of the note to its present value. Ex. 1. What is the present value of a note for $1828,75 due in one year, at 41 per cent. per annum? 100 4,50 Int. of $100 for the time. 100 Ans. $1750. 2. What is the present value of a note for $1290,81 discounted for four months, at 6 per cent. per annum? Ans. $1265,50. 5. What is the present value of $800, due 4 years hence: the interest being computed at 5 per cent. per annum ? Ans. $666,66,6+. NotE.—When payments are to be made at different times, find the present value of the several sums separately and their sum will be the present value of the note. 4. What is the present value of a note for $3500 on which $300 are to be paid in 6 months ; $900 in one year ; $1300 in eighteen months; and the residue at the expiration of two years : the rate of interest being 6 per cent. per annum ? Ans. $3225,44+. 5. What is the discount of £1500 one half payable in 6 months and the other half at the expiration of a year, at 7 per cent. per annum ? Ans. £74 8s 6d+. 6. What is the present value of $2880, one half payable in 3 months, one third in 6 months, and the rest in 9 months, at 6 per cent. per annum? Ans. $2810,08+ LOSS AND GAIN. $ 197. Loss and Gain is a rule by which metchants discover the amount lost or gained in the pur. chase and sale of goods. It also instructs them how much to increase or diminish the price of their goods so as to make or lose so much per cent. Ex. 1. Bought a piece of cloth containing 75yd. at $5,25 per yard, and sold it at $5,75 cents per yard : how much was gained in the trade ? $5,75 price of 1 yard. 50cts. profit on 1 yard. 75 $37,50 Ans. $37,50. 2. Bought a piece of calico containing 50yd. at 2s 6d per yard: what must it be sold for per yard to gain £1 Os 10d ? 50yd. at 2s 6d=£6 5s Profit = £1 0 100 £7 5s 100 Ans. 2s 11d. 3. Bought a hogshead of brandy at $1,25 per gallon, and sold it for $78: was there a loss or gain ? Ans. loss of $0,75. 4. A merchant purchased 3275 bushels of wheat for which he paid $3517,10, but finding it damaged is willing to lose 10 per cent. : what must he selī it og ner bushel ? Ans. $0,96+. 5. A. bought a piece of cotton containing 40 yards at 6 cents per yard; he sold it for 7} cents per yard : how much did he gain ? Ans. $0,60. 6. Bought a piece of cloth containing 75 yards for $375 : what must it be sold for per yard, in order to gain $100 ? Ans. $6,33} per yard. 7. Bought a quantity of wine at $1,25 per gallon, but it proves to be bad and am obliged to sell it at 20 per cent less than I gave: how much must I sell it for per gallon? Ans. $1 per gall. 8. A farmer sells 125 bushels of corn for 75cts. per bushel ; the purchaser sells it at an advance of 20 per cent. · how much did he receive for the corn ? Ans. $112,50. 9. A merchant buys one tun of wine for which he pays $725, and wishes to sell it by the hogshead at an advance of 15 per cent. : what must he charge per hogshead ? Ans. $208,43+. 10. A merchant buys 158 yards of calico for which he pays 20 cents per yard; one half is so damaged that he is obliged to sell it at a loss of 6 per cent. ; the remainder he sells at an advance of 19 per cent. : how much did he gain? Ans. $2,05+. ? TARE AND TRET. § 198. Tare and Tret are allowances made in selling goods by weight. Draft is an allowance on the gross weight in favour of the buyer or importer: it is always deducto before the Tare. Tare is an allowance made to the buyer for the weight of the hogshead, barrel or bag, &c. containing the commodity sold. Gross Weight is the whole weight of the goods together with that of the hogshead, barrel, bag, &c. which contains them. Suttle is what remains after a part of the allowances have been deducted from the gross weight. Net Weight is what remains after all the deduc. tions are made. EXAMPLES. cwt. 07. 14 gross 1. What is the net weight of 25 hogsheads of sugar, the gross weight being 66cwt. 3gr. 1416. : tare 111b. per hogshead? lb. 66 3 19 net. 2. If the tare be 41b. per hundred, what will be the tare on 6T. 2cwt. 3qr. 1418. Tare for 6 T. or 120cùt.=48016. 2cwt. 8 3qr. 3 141b. 01 Tare 491; Ans. 4cwt. Iqr. 15410. 3. What is the net weight of 32 boxes of soap, weighing 3155016. allowing 4lb. per box for draft and 12 per cent. for tare. 31422 32*4= 128 12 31422 3770,64 Ins. 3770,6416.=1T. 13cwt. 2qr.1875. 10oz. + 31550 gross |