= 12 3. If 1 pound is worth 20 shillings, 1 shilling pence, and 1 penny = 4 farthings, how many farthings 4 × 12 × 20 = 960 farthings = 1 pound. 4. If 3 lbs. tea are worth 7 lbs. coffee, 14 lbs. coffee worth 48 lbs. sugar, and 18 lbs. sugar worth 27 lbs. soap, how many lbs. soap are 6 lbs. tea worth? 5. If 1 French crown = 80 pence Holland, 83 pence Holland 48 pence English, 4 pence English = 70 pence Hamburg, 64 pence Hamburg 1 florin Frankfort, how many florins Frankfort 166 French crowns? Ans. 2100. = 6. If 30 acres of land in Frederick are worth 40 acres in Washington, 60 acres in Washington are worth 90 acres in Allegheny, 100 acres in Allegheny worth 40 acres in Carroll, 50 acres in Carroll worth 75 in Montgomery, how many acres in Frederick are worth 450 in Montgomery? PERCENTAGE. Per Cent. means per hundred, and is generally expressed fractionally; thus, 5 per cent., 6 per cent., marked 5% and 6%, is expressed 150, 186, etc., or .05, .06; thus, rt of 100 = 100 × rửa 5, and 18 of 100 is 6. = The 100 is canceled in the 245 by pointing off two COMMISSION, OR BROKERAGE. The business of a commission merchant or broker is to make purchases and sales, on which he receives a percentage. PROBLEM I. A purchase of $100 worth of goods, at 1% commission, will cost $101; that is, 181 of the amount of the purchase. PROBLEM II. In a sale of goods for $100, at 1% commission, the owner will realize $99; that is, of the amount of sale. PROBLEM III. When stocks, bonds, drafts, or currency, are purchased at a discount of 2%, the cost of $100 worth will be $98; that is, of the face of the bond, etc.; but when they are purchased at a premium of 2%, the cost of $100 worth is $102; that is, 18% of the face. PROBLEM IV. In the exchange of currency, when there is a premium on the funds on hand, as that of English money to be exchanged into United States, the premium in favor of England is about 9%; it is computed as follows: and Eng. £ x 4 x 10% = $ U. S., $ U.S. X % x 1% = £ Eng. that is, England gets $109 for every $100 of her money, and the United States must pay $109 of her money for $100 English money. REM.-This is according to the old exchange value. Now, however, the exchange value of £1 is fixed at $4.86. EXAMPLES. 1. A broker sold goods to the amount of $6000, at 2% commission, and invested the balance of the proceeds, after deducting 2% on the amount of purchase; what was the owner's portion of the sale, and what amount of goods were purchased? $5880 owner's portion of the sale. $5764.701 amt. of goods purchased. 49 .. 6000×16000 × f f 51 = $576414, amt. of goods purchased. REM.-Observe the difference in the ratios of the sale and purchase. 2. What is the cost of a bond for $5000 at 5% discount, stocks whose face indicate $2000 at 4% premium, $1000 currency at 2% discount, and $3000 gold at 8% premium? $5000 × 95 = $4750 COR.-When brokerage is paid in the exchange of money, the percentage is on the amt. purchased, which, if the rate is 2%, is 18% of the funds on hand. 3. If a broker makes sales to the amount of $500, on which he receives 3%, what is his commission? 2. What is the cost of a draft for $1000 at a premium of 1%? 3. What is the face of a draft at 1% premium, costing $1005? 5 100 $1005 × 200 4. A broker makes sales for $4325, at 2%; what is the brokerage, and what does the owner realize? 5. A merchant sells to a broker $3275 uncurrent funds at 5% discount; what does he realize? 6. An architect charges 11% for plans and specifications, and 21% for superintending a building, the cost of which is $10000; what is the architect's fees? Ans. $400. 7. A broker has 2% commission, and 3% for guaranteeing payment; what does he receive on sales amounting to $42325? Ans. $2116.25. 8. I sent my broker $4000 to purchase goods; what amount of goods did he purchase after deducting commissions at 2% on the amount of goods? $4000 × 189. For every $102 he gets $100 worth of goods. 9. Bought a draft on New York, the face of it $500 premium, 1%; what is the whole cost and the premium ? $500 X 1001 401 = 100 400 = Premium, $501.25 500.00 $1.25 10. Sold goods to the amount of $4444, and invested the proceeds, after retaining my commissions, which were 2% on the sales, and 1% on the investment; what was the amt. of investment? |