REVIEW EXERCISES. 375. 1. What sum must be invested at 8% to yield an annual income of $1400? 2. A merchant bought a bill of goods amounting to $7825 on 3 mo. credit, but was offered a discount for cash of 4%. What was the difference in the offers, money being worth 9%? 3. A man bought a farm of 135 A. 25 sq. rd, for $62.50 per acre. He paid one-third of the purchase money in cash; one-half the remainder in 6 mo., and the balance in 1 yr. 3 mo. Money being worth 6%, what would have been the cash price of the farm? 4. A will contained a bequest of $4500 to a charity hospital, to be paid in 1 yr. 3 mo. Money being worth 7%, what was the cash value of the bequest? 5. What is the amount of $3752 for 3 yr. 2 mo. 15 da., with compound interest at 7%? 6. $175. CINCINNATI, O., March 25, 1872. DAVID B. ASPELL. 1 be upon it? 7. What is the difference between the true discount and the bank discount of $5728 for 3 mo. at 8%? 8. On a note of $3729.75, dated Feb. 20, 1872, bearing 6% interest, were the following indorsements; July 15, 1872, $525; Dec. 15, 1872, $478; Feb. 20, 1873, $25; May 17, 1873, $75; Sept. 28, 1873, $1000. What was due Jan. 15, able uct 9. A coal dealer bought 8790 T. of coal at $3.75 per T. He sold 15% of it at a gain of 10% on the cost, 40% of it at a gain of 5%, and the rest at a gain of 8%. He paid 31% of the cost for transportation. How much did he gain by the speculation ? 10. A grain speculator bought 10000 bushels of barley, at 85 cents per bushel cash. He sold it the same day at an advance of 4%, receiving in payment a note due in 1 mo., which he had discounted at a bank at 9%. What was his gain in cash ? 11. A man bought a house, paying 621% of the price in cash, and the rest in notes to the amount of $3300. What was the cost of the house? 12. A merchant sold 15% of his stock of dry goods the first month, 10% the second month and 25% of the remainder the third month, when he took an inventory of his stock on hand, and found that he had remaining $5300 worth of goods. What was the original value of the stock ? 13. What number is that to which, if i of 25% of } of 480 be added, the sum will equal 25% of 5 of 50% of 324? 14. A speculator bought 1000 bbl. of flour at a given price per bbl. paying of its value in cash and giving a banknote for 2 mo. for the balance, which was discounted on the day it was given at 6%. The discount on the note was $31.50. How much did he pay for the flour per bbl. ? 15. What is the difference between the simple and the compound interest of $4725.50 for 2 yr. 2 mo. 15 da. at 6%. 16. What is the difference between the amount of $3240 for 5 yr. 3 mo. 10 da. at 7% simple interest, and the amount of the same sum for the same time and rate, with interest payable annually ? 17. A gentleman invested of his annual income in mortgages, paying 6% annual interest. In 6 mo. 12 da. his interest from them was $640. What was his annual income? 376. 1. When 25% is gained what part is gained ? 2. I sold a coat which cost me $12 for 25% more than it cost. How much did I gain? How much did I get for it? 3. Paid $15 for a ton of hay, and sold it at a loss of 20%. How much did I lose? How much did I get for the hay? 4. If I sell land that cost me $50 an acre, at an advance of 10%, how much do I get per acre? 5. If I paid $50 per acre for my land and sell it at $5 per acre less than I paid, what part of the cost do I lose? What %? 6. If I sell flour for $8 per bbl. that cost me $6, what part of the cost do I gain? What per cent. ? 7. Sold boots at $5 a pair that cost $4, what part of the cost was gained? What per cent. ? 8. By selling flour at a profit of $2 per bbl., 20%, or }, of the cost was gained. What was the cost? 9. Sold wheat at a profit of $.10 per bu. which was 5% of its cost. What was its cost? 10. If I sell a cow that cost me $50, at an advance of 20% on the cost, how much will my profit be? How much do I get for her? 11. By selling flour at $10 per bbl., a profit of 25% was made, What did it cost? ANALYSIS.—Since 25% or of the cost was gained, the selling price must have been of the cost; and since of the cost was $10, of the cost is į of $10, which is $2; and since of the cost is $2, the cost is 4 times $2 or $8. 12. By selling dress goods at 66 cents per yd., a profit of 10% was made. What was the cost ? 13. By selling tea at $.80 a pound, a loss of 20% was incurred. What was the cost ? 14. If I get $60 for a cow, and thereby gain 20%, or 1 of the cost, what did she cost me? 15. I bought a horse for $150 and sold him at an advance of 20%. What did I get for him? DEFINITIONS. 377. Profit and Loss are terms used to denote the gain or loss in business. 378. The processes in Profit and Loss involve the same elements as do the fundamental problems in Percentage. The corresponding terms are: 1. The Cost, or Sum Invested, is the Base. 4. The Selling Price, when more than the cost, is the Amount. 5. The Selling Price, when less than the cost, is the Difference. PRINCIPLE.—The gain or loss is reckoned at a certain rate per cent. on the cost or sum invested. WRITTEN EXERCISES. PROCESS. 379. 1. A paid $3500 for a house, and sold it at 10% advance. How much did he gain? How much did he get for it? ANALYSIS.—Since the house was sold at an ad$3500 x .10=$ 350, Gain. $3500+ $350 $3850, Selling price. his gain was held or to vance of 10% on the cost, Cost X Rate Gain. of $3500, which is $350; and the selling price is equal to the sum of the cost and gain, or $3850. RULES. -- Since the same elements are involved as in the fundamental problems in Percentage the rules are the same. 2. Mr. A. bought a piano for $275, and sold it at an advance of 25%. How much did he receive for it? 3. A bookseller bought $3584 worth of books, and sold them at a gain of 10%. , How much did he gain? 4. A carriage maker sold a carriage at 25% advance on the cost. It cost him $318.25. How much did he get for it? 5. A harness maker sold a set of double harness at a profit of 15%. It cost him $45. What did he get for it? 6. A manufacturer of tools sold 5 dozen axes at a profit of 12%. They cost him $9 per dozen. What was his profit? 7. A merchant sold a bill of goods at a profit of 15%. The goods cost him $84.25. What did he receive for them? 8. A speculator bought 50000 pounds of sole leather, which he sold at a profit of 8%. If it cost him $6000, what did he get for it? ado the ado 9. A man sold his house at a profit of 15%. If he paid $3000 for it, how much did he get for it? 10. A drover sold a flock of sheep at a profit of 7%. If they cost him $1500, what did he get for them? 11. A poultry dealer bought a quantity of poultry, which he sold at a gain of 9%. He paid $250 for it. How much did he get for it? 12. Mr. A bought cloth at $2.15 per yard. At what price must he sell it to gain 30%? |