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DOMESTIC EXCHANGE.

PROBLEM. To find the cost of a draft on Philadelphia or New York, or any distant city, when at a premium and when at a discount; thus, if the premium is 1%, the draft will cost 181 of its face, which is the sum to be paid ; when at a discount of 1%, it will cost u of its face.

EXAMPLES.

1. What is the cost of a draft on Philadelphia for $3024, at 1% premium ?

X001
$Ø24 x = 481 = $3039.12.

100

15.12

2. What is the cost of a draft on New Orleans for $5000, at 1% discount?

3% of $5000 $25.
$5000 25 $4975.

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3. What will this draft cost if drawn at thirty days, interest at 6%? 3 days grace must be allowed. 3 = 1+1 글

i = rate per cent; 5000 x 1

= $52.50. The interest and discount must be reckoned on the face.

$5000 $52.50 = $4947.50.

4. My agent had in his possession $3288.60, which I directed him to remit; the draft received was $3240; what was the rate of exchange?

3288.60
3240.00

$48.60 = paid for a draft of $3240. 48.60

11 The rate is

reduce by 32.4 = 3240.00

= 11%; the

100 result will be the same if reduced to a decimal ;. thus,

= 100 ) 1.5000 (.015

=

1.5

REM.—The ratio of the face of the draft and the premium paid on it, reduced to a fraction whose denominator is 100, will be the rate per cent of the draft; the same result is obtained by reducing the fraction to a decimal. The premium is the numerator, and the amount on the face of the draft the denominator of the fraction.

63%

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5. What is the cost of a 60 day draft on New York for $5480, at 1% premium, interest off at 6%? Discount

21%.
Premium 1% 18%.
Discount above premium H%.

1% of $5480 54.80.
3% of $5480 27.40 $5480.00
36% of $5480 2.74

30.14 Discount = $30.14 $5449.86, Cost.

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6. What is the face of a draft which cost $1007.50, at 1% premium ?

7. What is the face of a draft that cost $992.50, at *% discount?

8. What is the face of a draft on which $5 premium is paid, and the rate 1%? Ito = $5;

= $500, Ans.

100

FOREIGN EXCHANGE.

EXAMPLES.

1. What is the cost in New Ycrk of a draft on London for £346 15s. 6d., at 8% premium ?

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109.355

8

£$46.77$ 18 = 109.355 X 8 X3 = = $2624.52.

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12

54631 = 21,71 4 and
2384 x x H = $2624.52.

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2. What amount of debt in London may be paid by depositing $5000 in New York, rate of exchange 8% in favor of London ?

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3. What is the cost of a draft on London for £546.775 in New York, exchange $4.88 to the £?

546.775 X 4.88 = $2668.262.

4. What will a draft on London for £1041 13s. 4d. cost in New York, exchange $4.80 to the £?

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5. What is the value in Paris of $5000 in New York exchange $4.85 = £1, and £1 = 25.20 francs ?

1000 $50த்த

x 25.20 = 2630000 $4.8$

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6. What sum in New York will pay 2597937 francs in Paris, exchange as in 5th ?

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%. What is the value in Hamburg of $5000 in New York, when $4.80 £1, £1 = 25.20 francs, and 1.80 francs = 1 mark banco ?

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$$900 x x = 1250x2x3 = 145831 mark banco. P 18

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8. What sum in New York will pay 14583} mark banco in Hamburg, exchange as above?

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9. What debt in St. Petersburg will $5000 in New York pay, when $1.80 = £1 in London, £1 = 25.20f. in Paris, 4f. = 1 thaler in Dantzic, and 1 thaler = 2.60 roubles ?

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These problems may be solved by compound equations and ratios.

10. What sum in New York will pay 17062roubles in St. Petersburg, exchange as above ?

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REM.—This circuitous system of Foreign Exchange has led us into the same thing in our own country when it is found to be advantageous; thus,

11. A merchant in St. Louis has a bill of $5000 to pay in few York; in St. Louis a draft on New York costs 13% premium, whilst New Orleans funds can be bought at 11% premium, and at New Orleans Havana funds are 1% discount; and at Havana, New York funds are at a discount of 14%. What sum in St. Louis will pay the bill by the direct and by the circuitous method ?

Xørt Direct, $$$$$ x

$5075. 40

25

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And $$$$$ x x H88 x = $4974.2217.

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