By the aid of the following Table, calculations are more easily effected than by the preceding rule. TABLE, Showing the amount of 1 dollar, or 1 pound, for any number of years under 40, at 3, 4, 5, 6, and 7 per cent, compound interest. 16 3.158815 17 3.379932 18 3.616528 19 8 1.266770 1.368569 1.477455 1.593848 1.718186 8 9 1.304773 1.423311 1.551328 1.689478 1.838459 9 10 1.343916 1.480284 1.628894 1.790847 1.967151 10 11 1.384233 1.539454 1.710339 1.898298 2.104852 11 12 1.425760 1.601032 1.795856 2.012196 2.252191 12 13 1.468533 1.665073 1.885649 2.132928 2.409845 13 14 1.512589 1.731676 1.979931 2.260903 2.578534 14 15 1.557967 1.800943 2.078928 2.396558 2.759032 15 16 1.604706 1.872981 2.182874 2.540351 2.952164 17 1.652847 1.947900 2.292018 2.692772 18 1.702433 2.025816 2.406619 2.854339 19 1.753506 2.106849 2.526950 3.025599 20 1.806111 2.191123 2.653297 3.207135 3.869685 20 21 1.860294 2.278768 2.785962 3.399563 4.140563 21 22 1.916103 2.369918 2.925260 3.603537 4.430403 22 23 1.973586 2.464715 3.071523 3.819749 4.740530 23 24 2.032794 2.5633043.225099 4.048934 5.072367 24 25 2.093777 2.665836 3.386354 4.291870 5.427434 25 26 2.156591 2.772469 3.555672 4.549382 5.807352 26 27 2.221289 2.883368 3.733456 4.822345 6.213868 27 28 2.287927 2.998703 3.920129 5.111686 6.648838 28 29 2.356565 3.118651 4.116135 5.418387 7.114257 29 30 2.427262 3.243397 4.321942 5.743491 7.612255 30 31 2.500080 3.373133 4.538039 6.088100 8.145112 31 32 2.575082 3.508058 4.764941 6.453386 8.715270 32 33 2.652335 3.648381 5.003188 6.840589 9.325339 33 34 2.731905 3.794316 5.253347 7.251025 9.978113 34 35 2.813862 3.946088 5.516015 7.686086 10.676581 35 36 2.898278 4.103932 5.791810 8.147252 11.423942 36 37 2.985226 4.268089 6.081406 8.636087 12.223618 37 38 3.074783 4.438813 6.385477 9.154252 13.079271 38 39 3.167026 4.616365 6.704751 9.703507 13.994820 40 [3.262037 4.801020 7.039988 10.285717 14.974457 39 40 To perform questions by the Table, multiply the amount of one dollar for the given rate and time found in the Table by the principal, and from the product subtract the principal, and the remainder is the compound interest. NOTE. If there be months and days, find the amount for them on the number taken from the Table, before it is multiplied by the principal. EXAMPLES. 5. What is the compound interest of $360 for 5 years, months, and 24 days? Ans. $138.14. OPERATION. 1.338225, amount of 1 dollar for 5 years. 5352900 6 4014675 .045499650 1.338225 1.383724650, amount of 1 dollar for 5yrs. 6mo. 24 days. 83023479000 415117395 498.14,0874000, amount of principal for 5yrs. 6mo. 24 days. 360 $138.14, compound interest of the principal for do. 6. What is the interest of $890 for 30 years ? Ans. $4221.70,6. 7. What is the amount of $ 480 for 40 years? and 15 days? Ans. $4937.14,4. 8. What is the interest of $300 for 10 years, 7 months, Ans. $257.40,1. 9. What is the amount of $ 586 for 12 years, 1 month, and 29 days, at 5 per cent.? Ans. $1060.99,5. 10. The probable number of blacks at this time (1835) in the United States is 2,500,000. Now, supposing their increase to be 25 per cent. for every 10 years, what will be their number in the Ans. 23,283,057. year 1935 ? 11. Supposing the annual increase of the people of color to be 2 per cent., how many must be sent out of the country each year, that their numbers might not increase? Ans. 50,000. 12. What is the amount of $900 for 7 years, at 5 per Ans. $1266.39. cent. ? 13. What is the interest of $350 for 3 years, 3 months, and 24 days? Ans. $74.77,5+. 14. What is the interest of $970 for 2 years, 9 months, and 24 days? Ans. $173.29,5. To find the amount of a note by compound interest, when there have been partial payments. RULE. Find the amount of the principal, and from it subtract the amount of the indorsements. EXAMPLES. 15. A, by his note dated January 1, 1830, promises to pay B $500 on demand. On this note are the following indorsements. July 16, 1830, received two hundred dollars. August 21, 1831, received two hundred dollars. December 1, 18 32, received one hundred dollars. What was the balance Sept. 1, 1834 ? (16.) $100.00. Ans. $52.73. Boston, Sept. 25, 1833. For value received, I promise Peter Absalom to pay him, or order, on demand, one hundred dollars, with interest after six months. J. P. Jay. On this note are the following indorsements. June 11, 1834, received fifty dollars. Sept. 25, 1834, received fifty dollars. What was due August 25, 1835 ? (17.) $1000.00. Ans. $2.24,7. New York, January 1, 1840. For value received, I promise to pay J. R. Montgomery, or order, on demand, one thousand dollars, with interest at seven per cent. John Q. Smith. Attest, J. Page. On this note are the following indorsements. June 10, 1840, received seventy dollars Sept. 25, 1841, received eighty dollars. July 4, 1842, received one ndred dollars. Nov. 11, 1843, received thirty dollars June 5, 1844, received fifty dollars. What remains due April 1, 1845, at 7 per cent. compound interest? Ans. $1022.34. (18.) $1700.00. Bradford, July 4, 1841 Lent A. Brown seventeen hundred dollars. Sept. 1, 1843, received one thousand dollars. What is due July 4, 1847, at 5 per cent. compound interest. Ans. $1071.81,9. SECTION XLI. DISCOUNT. THE object of Discount is to show us what allowance should be made, when any sum of money is paid before it becomes due. That The present worth of any sum is the principal that must be put at interest to amount to that sum in the given time. is, $100 is the present worth of $106 due one year hence; because $100 at 6 per cent. will amount to $ 106, and $ 6 is the discount. 1. What is the present worth of $ 12.72, due one year hence? As $100 will amount to $106 in one year at 6 per cent., it is evident, that, if 188 of any sum be taken, it will be its present worth for one year, and that will be the discount. And, as $1 is the present worth of $1.06 due one year hence, it is evident that the present worth of $12.72 must be equal to the number of times $ 12.72 will contain $1.06. RULE. ·Divide the given sum by the amount of $1 for the given rate and time, and the quotient will be the present worth. If the present worth be subtracted from the given sum, the remainder will be the discount. 2. What is the present worth of $117.60, due one year hence, at 12 per cent. ? Ans. $105.00. 3. What is the discount of $802.50, at 7 per cent., due one year hence ? Ans. $52.50. 4. What is the present worth of $769.60, due 3 years and 5 months hence ? Ans. $638.67,248. 5. What is the present worth of $986.40, due 7 years 9 months and 20 days hence? Ans. $671.78,25 6. How much grain must be sent to the miller that a bushel of meal may be returned, the miller taking part for toll? Ans. 34 quarts. 7. What is the months hence, at 7 8. I have given 1835. present worth of $ 678.75, due 3 years 7 my note for $1000, to be paid Dec. 18, What is the note worth June 7, 1834 ? Ans. $915.894T 9. James has a note against Samuel for $715.50, dated August 17, 1834, which becomes due January 11, 1835. What ready money will pay the note Sept. 25, 1834 ? Ans. $703.07,8+. 10. A has B's note, which becomes due Nov. 25, 1835, for $914.75. What is this note worth Jan. 1, 1835? Ans. $867.88,4+. 11. A merchant has given two notes; the first for $79.87, to be paid Jan. 21, 1836; the second for $ 87.75, to be paid Dec. 17, 1836. What ready money will discharge both notes Feb. 10, 1835 ? Ans. $154.54,4+. 12. It being now Oct. 14, 1833, and A owing me $ 1728, to be paid Dec. 17, 1837, what ought I now to receive as an equivalent ? Ans. 1381.84,76 13. Bought cloth in Boston at $5.00 per yard. What must be my "asking price," in order that I may fall on it 10 per cent. and still make 10 per cent. on my purchase? Ans. $6.11. 14. James Ober owes Samuel Hall as follows: $365.87, to be paid Dec. 19, 1835; $161.15, to be paid July 16, 1836; $112.50, to be paid June 23, 1834; $96.81, to be paid April What should he receive as an equivalent, Jan. 1, Ans. $653.40+. 19, 1838. 1834 ? SECTION XLII. PER CENTAGE. THIS term is used to express so much by the hundred. It is derived from two Latin words, per and centum, and means by the hundred. It is not only applied to money, but to any commodity. The process of operation is similar to Interest. EXAMPLES. 1. Received a legacy of $1728. I gave 10 per cent. of it to a benevolent society. How much had I remaining ? Ans. $1555.20. |