Rule II.-Divide the difference between the cost and the selling price by the cost, to find the rate. 2. Some muslin was bought for 80 a yard and sold for 12; what was the gain %? 3. I sold a lot of damaged goods that yard for $.63; what was the loss per cent.? 4. If I buy paper at $3.50 a ream and quire, what is the gain %? Ans. 50%. cost me $.84 a Ans. 25%. sell it at 259 Ans. 429%. 5. If I buy at 20 and 10% off and sell for 20 and 10% on, what % do I gain? Ans. 833%. off and sold for 6. Bought valentines at 25, 20 and 10% 10 and 5% on; what per cent. did I gain? Ans. 1138%. 7. I bought a lot of goods for 15% below market price, and sold them for 15% above market price; what % did I clear? Ans. 35%. 8. A man shipped 600 barrels of flour, and lost 163% of it by a storm; he sold 75% of the remainder; what % of the whole remained? Ans. 20%. 9. Mr. Jackson bought 500 shares of mining stock for $9000, and sold 400 shares for what they all cost; required the gain per cent. Ans. 25%. 10. Henry sold his horse and carriage for $450, and thereby cleared of this money; what would he have gained % by selling them for $390? Ans. 81%. 11. I bought a watch for $120, and set such a price on it that after falling $12, I still made 15% on the purchase; what % did I abate from the asking price? Ans. 8%. 12. A lady sold her piano for $350, and thereby cleared 20% of this money; what would she have gained %, if she had received $70 more than she did? Ans. 50%. 13. Mr. Marble bought a lot of cassimeres @ $3.75, and marked them n.no, his key being "John Marble;" what was his gain % at the marked price? Ans. 18%. 14. I offered my house for sale at 35% advance on its cost, but finding no purchasers at that price it was finally sold at 35% less than was first asked; what was the gain or loss % ? Ans. Loss 12%. COMMISSION. 396. Commission is a percentage paid to an agent for the transaction of business. 397. An Agent is a person who transacts business for another; he is often called a Commission Merchant, a Factor, etc. 398. The Base in Commission is the actual amount of the sale, purchase, collection, or exchange. 399. The Net Proceeds is the sum left after the comnission and charges have been deducted from the amount of a sale or collection. 400. The Entire Cost is the sum obtained by adding the commission and charges to the amount of a purchase. 401. The Quantities considered are: 1. The Amount Bold, bought, etc.; 2. The Rate of Commission; 3. The Com mission; 4. The Entire Cost or Net Proceeds. The goods forwarded to be sold on commission are called a consignment; the person sending them is called the consignor; and the person to whom they are sent, the consignee, or Factor. An agent residing at a great distance from his employer, is often called a correspondent; the per son for whom an agent does business is called the Principal. CASE I. 402. Given, the base and rate to find the commission or net proceeds, or entire cost. 1. An agent bought a house for $8650, his rate of com mission being 3%; what was his commission? SOLUTION.-The commission was .03 times $8650, which equals $302.75. OPERATION. $8650 .03 $302.75 Rule I.-Multiply the base by the rate, to find the commis sion. Rule II.-Multiply the base by 1 minus the rate, to find the net proceeds; or by 1 plus the rate, to find the entire cost. WRITTEN EXERCISES. 2. A factor sold goods to the amount of $7650, rate of commission being 3%; required the commission and the amount paid over. Ans. $7395 paid over. 3. A sells $5472 worth of dry goods, charging 3% commission and 14% for insuring payment; what sum will he remit to his employer? Ans. $5212.08. 4. A lawyer having a debt of $1536 to collect, compromises for 95%; what is his commission at 4%, and what does he remit to his employer? Ans. Com. $65.66. 5. My agent bought 40 horses for $150 each, and paid $25 for their keeping and $80 for transportation; his commission was 3%; what did the horses cost me? Ans. $6315. 6. What would be the net proceeds of a sale of 450 bbl. of prime mess pork @ $17.12, allowing 2% commission, and paying 5 a barrel storage for 30 days? Ans. $7491.09. 7. A tax collector had a warrant for $25,850, upon which he collected $12,500 at 14%, and the balance at 24%; required the amount of the collector's fees. Ans. $521.25. 8. An architect was employed to erect a city hall which cost $75,000, and was allowed % for plans and specifica tions, and 14% for superintendence; but on settling accounts he claimed $1500; how much did he overcharge the city? Ans. $93 75. CASE II. 403. Given, the rate and the commission or the net proceeds or the entire cost, to find the base. 1. An agent receives $84 commission for buying goods, at the rate of 14%, what was the cost of the goods? SOLUTION.-At a commission of 13%, .01 times the cost of the goods equals the commission, which is $84; hence, the cost equals 84 divided by .01}, which we find is $6300. OPERATION. 84 .01 = 6300 2. An agent receives $4920 to be invested in cotton after retaining his commission, 21%; required the amount invested. SOLUTION.-The sum to be invested, increased by 24% of itself, .equals 1.02 times the sum, which equals $4920. If 1.02 times the sum equals $4920, the sum equals $4920 divided by 1.02, which we find is $4800. OPERATION. = 4800 4920 1.02 Rule I.-Divide the commission by the rate, to find the base. Rule II.-Divide the net proceeds by 1 minus the rate, or the entire cost by 1 plus the rate, to find the base. WRITTEN EXERCISES. 3. A lawyer's commission for making collections for a firm at 21% is $1600; how much did he collect? Ans. $64,000. 4. A miller sent his Detroit agent $9270 to be invested in flour, after deducting his commission of 3%; commission? what was the 5. An agent buys hides on commission, at $25 for cartage; the entire bill was $4558.75; what was the commission? Ans. $33.75. 6. A commission merchant sells goods for a party at 14%, and charges 24% for guaranteeing the payment of the money; his commission was $284.25; required the amount of goods sold. Ans. $7580. 7. A cotton factor received $1132.71 to invest in cotton at $.24 a pound, deducting 3% commission; how many pounds did he buy? Ans. 4560 lbs. 8. An agent bought 40 horses on commission, at 43%; he paid $25 for keeping and $50 for transportation, which, with his commission, amounted to $345; what did the horses cost apiece? Ans. $150. 9. I sold some goods on commission at 5%, through an agent, who charged me 3%; my commission, after paying my agent, was $388; required the agent's commission, my commission, and the money paid to my employers. Ans. My com., $970; agent's, $582; sum paid, $18,430. CASE III. 404. Given, the base and the commission or the net proceeds or the entire cost, to find the rate. 1. A commission merchant collects $7860, and his com mission was $393; required the rate of commission. SOLUTION.-The commission, $393, equals the base, $7860, multiplied by the rate; hence, the rate equals $393 divided by $7860, which we find is .05, or 5%. $393 OPERATION. =.05 $7860 Rule I.-Divide the commission by the base, to find the rate. Rule II.-Divide the difference between the base and the net proceeds or the entire cost, by the base, to find the rate. WRITTEN EXERCISES. 2. A factor sold some land, and paid over $7742.10, retaining $117.90 as commission; required the rate. Ans. 1%. 3. An agent bought some flour, paid $54 storage, and charged $180 commission; his entire bill was $8234; what was the rate of commission? Ans. 24%. 4. I sold a consignment of cotton goods through an agent for $2500; my commission was $112.50, and I paid the agent $37.50; what was the rate of commission of each? Ans. Mine, 4%; Agent's 1%. 5. My factor sold a consignment of sugar for which he remitted a note for $8500; he charged $127.50 for guaranteeing payment and $191.25 for commission; what was his rate of commission and of guaranty? Ans. Com. 21%; guaranty, 14%. STOCKS AND DIVIDENDS. 405. A Company is an association of individuals for the transaction of business. 406. A Corporation is a company regulated in its operations by a general law or a special charter. 407. The Stock of a company is the capital invested in the business. The owners of stock are called Stockholders 408. A Share is one of the equal parts into which the stock is divided. A share is usually $50 or $100. 409. An Installment is a sum required of stockholders as a payment on their subscription. 410. A Dividend is a sum paid to stockholders out of the gains of the company 411. An Assessment is a sum required of stockholders to meet the expenditures or losses of the company. |