1. A farmer bought a yoke of oxen for $80. What must he sell them for to realize a profit of 10 per cent.? 12 per cent.? 20 per cent.?

2. A boy bought a knife for 40 cents, and sold it at a loss of 10 per cent. How much did he sell it for? For how much must he have sold it to gain 10 per cent.? to lose 20 per cent.?

3. If I buy cloth at $5 per yard, at what price must I sell it in order to gain 8 per cent.? 12 per cent.? 15 per cent.? 4. A merchant buys flour at $5 per bbl., and sells it at $6. What per cent. does he gain?

NOTE. His gain is of the cost. Ans. 20 per cent. (78 and 102, Ex. 21, &c.) If he sells it for $4, what per cent. does he lose?

5. Bought a watch for $25. What per cent. shall I lose if I sell it for $24? for $20? for $15? What per cent. shall I gain by selling it for $26? $27? $30?

6. A man paid $500 for railroad stock. What per cent. does he gain by selling it for $520? for $540? What per cent. would he lose by selling it for $490? for $475?

7. A drover sold an ox for $42, by which he gained 20 per cent. of what the ox cost. What was the cost of the ox? If he sold it so as to gain 20 per cent. of the cost, he must have sold it for 128: of the cost. Therefore, $42 is § of the $35, the answer.

cost, and the cost is

of $42

8. A trader sells molasses at 27 cents a gallon, by which he gains 12 per cent. What did the molasses cost?

27 cents is

112

100

g of what?

9. A miller sells meal at 63 cents per bushel, by which he loses 10 per cent. of the cost.

per bushel?

What did the meal cost him

10. At what price per bushel must a miller sell meal that cost 70 cents per bushel, so as to lose 10 per cent.?

11. Sold cloth for $3.50 per yard, and by so doing lost 12}

87

per cent. What was the cost per yard? $3.50 is of what?

100

12. Bought cloth at $4 per yard, and sold it at 121 per cent. At what price did I sell it?

13. Bought cloth at $4.00 per yard, and sold it at $3.50. What per cent. did I lose?

14. A merchant sold flour for 50 cents a bbl. more than it cost him, by which he gained 10 per cent. What was the cost of the flour, and at what price did he sell it?

50 cents must be of the cost.

15. Sold cloth at 50 cents per yard less than the cost, by which I lost 12 per cent. What did the cloth cost?

16. A merchant, with a capital of $10,000, has lost in one year $1500. What per cent. of his capital has he lost?

17. A stock broker bought railroad stocks at $105 per share, which he is obliged to sell at $102. What per cent. does he lose by the transaction?

18. Bought 75 bbl. of flour at $5 cash, and sold it at $5.50 on a note of 3 months. What per cent. do I gain, if I get my note discounted at 8 per cent. ?

19. Bought 3000 gallons of molasses for $700. At what price per gallon must I sell it to gain 15 per cent.?

20. A bankrupt has property amounting to 3500 dollars. What per cent. do his creditors lose, if his debts amount to $5000?

21. Sold corn for 65 cents a bushel, by which I gained 12 per cent. What was the corn per bushel? (See quest. 8.) 22. A merchant, by selling sugar at 8 cents a pound, loses 8 per cent. Will he gain or lose by selling it at 10 cents per pound? How much per cent?

NOTE. He will sell it for = =of 92 per cent. of the cost. Why? How much if he sell it at 10 cts. per pound?

23. If, by selling flour at $5.87 per bbl., I lose 6 per cent., how much per cent. shall I gain or lose by selling it at $6.25 per bbl.? How much if I sell it at $6.50 per bbl.?

24. A merchant buys rice at $4.50 per 100 lb., and it has risen while in his hands to $5.25 per 100 lb. What per cent. is the rise?

25. Sold 300 bushels of corn for $14.40 by which I gained 8 per cent. of the cost. per bushel?

more than the cost, What was the cost

26. A merchant bought goods, which he marked at 25 per cent. above the cost. If he should sell them at 12 per cent. below the marked price, what per cent. does he gain on their

first cost?

120. EQUATION OF PAYMENTS.

Equation of Payments is the process of finding an average time for the payment of several debts due at different times, without loss to either debtor or creditor.

1. A man owes $500 to be paid in 2 months, $350 to be paid in 4 months, and $275 to be paid in 6 months. At what the whole so that neither party may lose any

time may he pay
interest?

The interest of
The interest of
The interest of

$500 for 2 mo. =
$350 for 4 mo. =
$275 for 6 mo.=

the interest of $1000 for 1 mo. the interest of $1400 for 1 mo. the interest of $1650 for 1 mo.

The interest of $1125 for- mo. = the interest of $4050 for 1 mo.

The interest on $1125, the whole debt, is equal to the interest of $4050 for 1 month. The interest on the whole debt, for the average time, should equal the interest of $4050 for 1 month. The average or equated time must therefore be as many months as there are times 1125 in 4050, which is 33. Ans. 3 mo. 18 d.

RULE. Multiply each debt by the time to elapse before it is due, and divide the sum of the products by the sum of the debts; the quotient is the equated time.

2. A man owed $20 to be months, and $80 in 5 months. the payment of the whole sum?

paid in 3 months, $50 in 4 What is the average time for

3. A man purchased 2000 dollars' worth of goods; $500 of which he is to pay now, $400 in 60 days, $500 in 90 days, and the rest in 120 days. What is the equated time for the payment of the whole?

NOTE 1. As one of the payments is to be made on the day from which the equated time is to be reckoned, the product of that payment by its time will be nothing; as the time is nothing; but that payment must be added to get the amount of the payments.

NOTE 2. Any fraction of a day which is less than one half is not counted; if one half, or more than one half, it is reckoned as 1 day.

OPERATION.

$500-days
400 X 60

- 24000 =45000

500 X 90
600 X 120 72000

2000

)141000

Ans. 71 days. 70 da.

4. What will be the average time for the payment of the following account without loss to either party: $200, due Nov. 1st; $350, due Nov. 16th; $150, due Dec. 4th; and $100, due Dec. 16th?

18 d. from Nov 1. Ans., Nov. 19.

5. Average the following account: $75, due April 1; $80, due April 21; $45, due May 1; and $30, due May 16.

6. The following purchases of goods were made on a credit of 4 months: June 1, $175; June 26, $250; July 21, $450; Aug. 12, $100. What is the equated time for the payment of the whole?

NOTE. It will be 4 months and days after Oct. 1. The several sums were due Oct. 1st, Oct. 26th, Nov. 21st, and Dec. 12th. William Davidson to Joseph Wilkins, Dr.,

7.

Aug. 10, 1848, To a bill of goods at 3 mo., $200.00.

What is the average time for the payment of the whole amount?

NOTE. In this account $200 is due Nov. 10, $110 Dec. 15, and $150 Nov. 25. The question is, therefore, just like the preceding examples. Make out in form, accounts of the transactions named in No. 8, 9, and 10, and find the average time for the payment of each account.

8. Caleb A. Moore, of Concord, purchases of J. P. Williams, of Boston, as follows Jan. 15, 1849, a quantity of merchandise, amounting to $354.87, on a credit of 4 months; Jan. 25th, another quantity, amounting to $608.50, at 3 months; Feb. 20th, another, amounting to $150, at 4 months; March 25th, another quantity, to the amount of $175.18, at 2 months.

9. I have bought of Andrew Jackson as follows: May 16, 1848, 875 lb. of sugar, at 81 cts., on a credit of 3 months; July 7, 350 gal. of molasses, at 24 cts., on 4 months, and 500 lb. of rice, at 5 cts., on 2 months; July 18, 175 lb. of tea, at 37 cts., on 3 months; Aug. 3, 50 barrels of flour, at $5.75, cash (that is no credit is to be allowed on it); Aug. 8, 850 yds. of cotton cloth, at 124 cts., on 6 months.

10. I have sold to James Robinson as follows: Feb. 6, 1849, 1525 lb. of pork, at 73 cts., on 3 months; Feb. 20, 825 lb. beef, at 8 cts., on 2 months; March 10, 1000 bushels of corn, at 62 cts., on 2 months; Apr. 3, 470 bushels of oats, at 37 cts., on 3 months Apr. 10, 1548 lb. of cheese, at 8 cts., and 285 lb. of butter, at 16 cts., cash; May 1, 75 bushels of wheat, at $1.15, on 2 months.

More exercises in Equation of Payments occur on pages 161, 162, 164, and 165.

121. EXCHANGE OF CURRENCIES.

Exchange of Currencies (15, margin) is the process of changing the currency of one country to its equivalent value in the denominations of another country.

Although the Federal currency is the currency of the United States, the English denominations of money are still employed, to some extent, in the ordinary reckonings of the people. The estimated value of these denominations differs in different places, as follows:

The English or Sterling pound is equal to $44; $1=££ =4s. 6d.

In Canada and Nova Scotia, £1=$4; $1=£1=5s. In New England, Indiana, Illinois, Missouri, Virginia, Kentucky, Tennessee, Mississippi, Alabama, Florida, and Texas, £1=$3}; $1=£%=6s.

In New York, Ohio and Michigan, £1-$21; $1=£}= 8s.

In Pennsylvania, New Jersey, Delaware and Maryland, £1 = $2}; $1=£}=7s. 6d.

=

In Georgia and South Carolina, £1=$43; $1=£z]= 4s. 8d.

EXAMPLES. Reduce £15 7s. 6d. New England currency to Federal money.

Since £1

$33, there will be 10 as many dollars as there are pounds. Reducing the shillings and pence to a decimal, £15 7s. 6d. £15.375. (Page 132, bottom.) 15.375 × = 51.25-$51.25, the answer.

Reduce $25.35 to the Pennsylvania currency.

Since $1£3, there will be as many pounds as dollars. 25.35 X 9.50625 : = £9 10s. 1d.

=

1. Reduce $540.50 to each of the six currencies above named.

2. Reduce £52 7s. 8d. of each of the above currencies to Federal money.

3. Reduce $1.25 to each of the above currencies.

4. Reduce 7s. 6d. of each of the above currencies to Federal money.