calculated, and entered on the depositor's bank book. Jan. 1, 1893, interest on the new principal was placed to the credit of the depositor. The same was done July 1, 1893. How much was there to the woman's credit at the date last mentioned?

25. Reduce 3,793 feet to rods, etc.

COMPOUND INTEREST.

983. Find the amount of $375, for 1 year, at 6%. Considering this as a new principal, find the amount for a year, same rate. Find the amount of this last principal for 3 months.

26. What is the amount of $375, for 2 years 3 months, at 6%, compound interest?

27. What is the amount of $375, for 2 years 3 months, at 6%, the interest compounded semi-annually?

Find the "compound interest" on $375, for 2 years 3 months, at 6 per cent, compounded semi-annually.

28. What is the amount of $100, at compound interest, for 3 years, interest at 6%, compounded annually?

29. Find the compound interest of $1,800, at 4%, for 2 years, interest compounded quarterly.

30. Find the difference between the simple interest of $100, for 2 yr. 3 mo., at 5%, and the compound interest for the same time, interest compounded semi-annually.

$107.6891 (four places of decimals are sufficient.)

984. Compound interest is allowed by savings banks. It is not collectible on notes or other debts.

REVIEW.

985. Oral Problems.

1. A capitalist wishes to realize 5% on money invested in stock. What must be the annual dividend on stock costing 300, in order to produce this rate?

2. What will be the taxes on property assessed at $25,000, the rate being $16 per $1,000?

3. Find the compound interest on $1,000, for two years, at five per cent, interest compounded annually.

4. What will be the net cost of an article marked $8, on which a discount of 50, 25, and 10% is allowed?

5. Find the "list price of an article sold for $10 after a discount of 50 and 50 per cent had been deducted.

6. Paid 90 for an article. The discount is 25 and 25 per cent. What is the list price?

7. One boy can do a certain piece of work in 2 hours, a second boy requires 3 hours, a third needs 6 hours. How long will it take the three working together?

8. Sold a cow for $60, losing 25%. 9. Sold a cow for $60, gaining 25%.

What was the loss?
What was the gain?

10. Sold two horses at $240 apiece. On one I gained 20%, on the other I lost 20%. Did I gain or lose on both, and how much?

SUGGESTION. — $240 in the first case represents 120% of cost of horse.

The gain is 20%, which is † of selling price, or $40.

The loss in the other case is 20%, which is what part of the selling price? Do not find the cost.

11. John has $60, James has $80. James has what per cent more money than John? John has what per cent less money than James?

12. is what per cent of ? is what per cent of ?

13. Two men working together can finish a piece of work in 8 days; one can do it in 12 days. How long would the other take to do the work?

14. How many yards of cloth at $3.75 per yard can be bought for $90?

EXCHANGE.

992. If I wish to pay a bill in a distant city, ought I to enclose the money in a letter? Why?

Can money be sent by express? Can the telegraph be used in paying money at a distance?

What is a money-order?

Can I buy from the postal authorities a money-order payable in Europe? What will be the cost of a money-order for $ 85, payable in San Francisco? What is the largest money-order that can be purchased?

What is a check? Can you tell why a draft rather than a check is used in paying a bill at a distance?

Pupils should be encouraged to look up answers to the foregoing.

Bills of exchange are either foreign or domestic. A domestic bill of exchange is called a draft, the term bill of exchange being generally applied only to foreign bills.

DOMESTIC EXCHANGE.

993. Slate Problems.

William F. Smith, of Memphis, Tenn., owes John M. Thomson, of New York, $3,475.86. He purchases from a Memphis banker, Joseph E. Washington, a sight draft for the above amount on the Chemical Bank of New York. The following is the form of the draft:

$3,475,8%.

MEMPHIS, TENN., Aug. 9, 1893. At sight, pay to the order of John M. Thomson Three Thousand Four Hundred Seventy-five and Dollars, value received, and charge to the account of

To CHEMICAL BANK,

New York.

100

JOSEPH E. WASHINGTON.

1. What must William F. Smith pay for the above draft, the rate being $1.50 premium per $1,000?

. (A draft for $1,000 costs $1,001.50.)

2. Find the cost of a Boston draft on New York for $1,875, at 12 discount per $1,000.

(A draft for $1,000 costs $999.88.)

3. What will a St. Louis merchant have to pay for a draft on New York for $2,460.53, at 50 premium per $1,000?

4. If the rate of exchange is 50% discount per $1,000, what is the face of the sight draft on Boston, that can be bought in New York for $1,000?

5. When the premium is $1.25 per $1,000, Mr. Brown pays $1,634.04 for a draft on Louisville. What is the face of the draft?

6. At 1% premium, find the cost of a sight draft for $1,843.60.

7. At 75% discount per $1,000, how much will cost a sight draft on Milwaukee for $946.75?

8. Paid $632.18 for a sight draft on Milwaukee. What was the face of the draft, the discount being

%?

9. I sent a commission merchant $1,000 to buy grain. How much will he spend for grain, if his commission at 11% is included in the amount sent?

(Let x = amount spent for grain. ?

=

commission.)

10. A farmer ships produce to a commission merchant, which the latter sells for $339.66, charging 2 per cent commission. For the remainder of the money he buys groceries and dry-goods, charging 2 per cent commission on the amount spent. What is the cost of the goods purchased?

REVIEW.

994. Slate Problems.

1. A joiner worked on Monday 9 hr. 45 min., on Tuesday and Wednesday 10 hr. 45 min. each day, on Thursday and Friday 10 hr. 15 min. each day, and on Saturday 6 hr. 45 min. What was the average length of his day's work?

2. A watch that loses 35 seconds in an hour was set right. at noon on Monday. What time did it show at 6 P.M. the following Thursday?

3. There are 5 boys whose heights are 4 ft. 9 in., 5 ft. 1 in., 4 ft. 5 in., 3 ft. 11 in., and 4 ft. 4 in., respectively. What is their average height?