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These notes will be abundantly sufficient to explain the cause of the difference in the two methods of operation; and I submit it to the publick to judge of the correctness of the two methods allud

ed to.

For my own part I cannot conceive any propriey in adding the interest to the principal, till one year has expired; and I do not see any injustice in the creditor's paying interest for the money received within the year, if the debtor pays him interest for all the money received of him, to the end of the year; therefore I give my preference to the first method of operation.

TABLES,

SHEWING THE AMOUNT OF ONE DOLLAR FOR ANY NUM

BER OF YEARS UNDER THIRTY THREE; ALSO THE

AMOUNT OF ONE DOLLAR FOR ANY NUMBER OF

MONTHS UNDER TWELVE.

jyrs. amt. yrs. umt. yrs. umi, no. amt.
1 $1.06 12 $1.72 | 23 $2.38

1 $1.005

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NOTE. This table is a very easy method of casting interest, and would be very useful in a counting room; the amount of one dollar being known for any number of years, or months, the amount of any other number may be found by multiplying the numbers together.

Examples

1. What will 16 dollars amount to in six years

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$1 in 6 years amounts to $1.36x$16-$21.76 Ans,

2. What will 211 dollars amount to in 9 years at 6 per cent.?

$324.94 Ans.

3. What will 25 dollars amount to in 10 months at 6 per cent. ?

$26.25 Ans.

4. What will. 61 dollars amount to in 7 months.

at 6

per

cent, ?

$63 135 Ans.

5. What will 22 dols. amount to in 8 months at 5 per cent. ?

61

$22.88 Ans..

6. What will 1. dol. amount to in 8 years, 6 mo. at 6 per cent.?

$1.51 Ans..

COMPOUND INTEREST. DEFINITION-Compound interest is the interest of the interest; when interest is not paid yearly it ought to become a part of the principal.

RULE. Find the interest of the principal for one year, and to the interest add the principal, this sum will be the principal for the second year; thus continue to add the last interest and last principal together, until you have found the amount for the number of years required; from the last amount subtract the first principal, and the remainder is the interest sought.

Examples.

1. What is the compound interest upon 100 dallars for 3 years, at 6 per cent. per annum? 100 1st principal.

⚫06

6.00 1st interest.

100⚫ 1st principal added.

106.00 2d principal.

⚫06

6.3600 2d interest.

106. 2d principal added.

112.3600 3d principal.

⚫06

6.741600 3d interest.

112.3600 3d principal added.

119.101600 3d amount.

100.000000 1st principal subtracted.

Ans. $19.1016

compound interest.

METHOD SECOND.

RULE. Find what aliquot part the rate per cent. is of 100; divide the principal by the aliquot part, or parts, and set the quotient, or quotients under the principal, the same as quotients in short division; add the quotients and principal together, the sum is the second principal; divide the second principal in the same manner, by the aliquot parts, &c. the sum of the quotients, &c. is the second principal; thus continue till you have found the amount required; from which subtract the first principal, the remainder is the interest sought.

*If the rate per cent. is no aliquot part of an hundred, use two, or more numbers that will make the rate per cent. and are aliquot parts of an hundred; divide by these numbers, add the quotients, the sum will be the answer.

TABLES OF ALIQUOT PARTS OF AN HUNDRED.

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1. What will 112 dollars amount to in 4 years, at 6 per cent. compound interest?

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5 per cent. is equal to

1

per cent. is equal to of 5.

5 per cent. is equal to

1 per cent. is equal to of 5.

1-187+} 2d yrs.in.

125.843 2d amount.

6.292

1-258+ } 3d yrs.in.

1. 133:393 3d amount.

6.694thyrs.in.
1-333+} 4thyrs.in.

Amount, $141.395 Ans.

2. What is the amount of $2.12 cents for 4 years,

at 12 per cent. per annum ?

Ans. $3.33

3. What is the compound interest of $33.33 cents

2 years, at 10 per cent.?

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Ans. $6.99.9†

4. What is the amount of $6.66 cents 2 years, at 9 per cent. per annum?

Ans. $7.91.27.

The third and easiest method is by the help of tables, shewing the amount of one dollar for any number of years under 30, at 6 per cent. compound interest.

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Use of the preceding Table..

In the table find the amount of one dollar for the giv en time, and multiply the given principal by the amount of one dollar, the product is the answer.

Examples.

1. What will 50 dollars amount to in 6 years, at 6 per cent. compound interest?

$1 in 6 yrs. amounts to $1.41852×50=$70·926 Ans. 2. What will 505 dollars amount to in 5 years, at 6 per cent. compound interest? $675:801 Ans. 3. What will $222.22 amount to in four years, at 6 per cent. compound interest? Ans. $280 546†

SINGLE FELLOWSHIP.

. DEFINITION.-Single Fellowship teaches to find the gain or loss of each, of several persons, who have joined their stocks for an equal time in trade,

RULE.--A's the sum of all their stocks is to the sum of gain or loss, so is each man's particular stock, to his particular share of the gain or loss..

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