3. What is the premium on $750 at 13 per cent?

Ans. $13,121. 4. What is the premium of $8750 at 3 per cent? 5. A merchant owns three-fourths of a ship valued at $24000, and insures his interest at 23 per cent: what does he pay for his policy? Ans. $450.

6. A merchant learns that his vessel and cargo valued at $36000, have been injured to the amount of $12000; he effects an insurance on the remainder at 5 per cent: what premium does he pay?

7. What is the insurance on my house valued at 5000 at per cent? Ans. $12,50.

BANKING.

When a bank discounts a note, it is customary to subtract from the face of the note the interest for the time which must elapse before the note becomes due; and the difference between this sum and the face of the note, is what the bank credits as the value of the note.

A person

is not obliged to pay a note until three days after it falls due. These are called days of grace. The bank, that it may lose no interest, always charges interest for the days. of grace. Thus, if a note is made payable in thirty days, a bank which discounts it will charge interest for thirtythree days.

1. What is the bank discount of a note of $1000 payable in 60 days, at 6 per cent interest? Ans. $10,49 9+.

2. A merchant sold a cargo of cotton for $7860 for which he receives a note at 6 months: how much money will he receive at a bank for this note, discounting it at 6 per cent interest?

3. What is the bank discount on a note of $100 payable in 60 days, discounted at 6 per cent per annum? Ans. $1,04 9+. 4. A has a note against B for $1728, payable in three months; he gets it discounted at 6 per cent interest: how much does he receive?

LOSS AND GAIN.

1. If I buy coffee at 16 cents and sell it at 20 cents: how much do I make per cent on the money paid? Ans. 25 per cent.

2. If I buy tea at 4s per pound and sell it at 4s 9d per pound: how much should I gain on a purchase of £100?

3. A merchant bought 650 pounds of cheese at 10 cents per pound, and sold it at 12 cents per pound: how much did he gain on the whole, and how much per cent on the money laid out?

Ans.

whole gain $13,00; gain 20 per cent.

4. Bought cloth at $1,25 per yard, which proving bad, I wish to sell it at a loss of 18 per cent: how much must I ask per yard?

5. Bought 50 gallons of molasses at 75 cents a gallon, 10 gallons of which leaked out. At what price per gallon must the remainder be sold that I may clear 10 per cent on the cost? Ans. $1,0311.

6. Bought a cow for $30 cash, and sold her for $35 at a credit of 8 months: reckoning the interest at 6 per cent how much did I gain?

7. Bought 67 yards of cloth for $112, but 19 yards being spoiled, I am willing to lose 5 per cent: how much must I sell it for per yard? Ans. $2,2163.

8. Bought 67 yards of cloth for $112, but a number of yards being spoiled, I sell the remainder at $2,2163 per yard, and lose 5 per cent: how many yards were spoiled?

FELLOWSHIP.

1. A bankrupt is indebted $2729, viz: to A $500,37; to B $228; to C $1291,23; and to D $709,40; but his estate is only worth $2046,75. How much can he pay on the dollar, and how much will each creditor receive?

75 cents on the dollar; A gets $375,273; Ans. {B $171; C $968,421, and D $532,05.

2. A, B, and C send a ship to sea, which together with her cargo was worth $15000. A and B owned each onefifth, and C the rest. They gained $1250: how much did each pay towards the ship and cargo, and what did each receive of the profits?

3. A man bequeathed his estate to his four sons in the following manner, viz: to his first $5000; to his second $4500; to his third $4500; and to his fourth $4000. But on settling his estate it was found that after paying debts, charges, &c. only $12000 remained to be divided: how much must each receive?

Ans.

Sfirst son $3333,331; second $3000; third $3000; fourth $2666,663.

4. A widow and her two sons have a legacy of $1500, of which the widow is to have one-half and the son's each one-fourth. Now suppose the eldest son to relinquish his share, and the whole to be divided in the above proportions between the mother and younger son, what will each receive?

5. Suppose premiums to the value of $12 are to be distributed in a school in the following manner. The premiums are divided into three grades. The value of a premium of the first grade is twice the value of one of the second; and the value of one of the second grade twice that of the third. Now there are 6 to receive premiums of the first grade, 12 of the second, and 6 of the third: what will be the value of a single premium of each grade?

(1st grade $0,888. Ans. 2d 66 $0,443. 3d 66 $0,223.

6. Four traders form a company: A puts in $400 for 5 months; B $600 for 7 months; C $960 for 8 months; D $1200 for 9 months. In the course of trade they lost $750: how much falls to the share of each ?

7. A and B lay out certain sums in merchandise amounting to $320, of which A pays $180 and B $140; they gain by the purchase $64: what is each one's share? Ans. A's $36; B's $28.

TAXING.

A tax is a sum required to be paid to the government for its support. It is generally collected from each individual in proportion to his property.

In some states, however, every white male citizen over the age of twenty-one years is required to pay a certain tax. This tax is called a poll tax; and each person so taxed is called a poll.

In assessing taxes, the first thing to be done is to make a complete inventory of all the property in the town on which the tax is to be laid. If there is a poll tax, make a full list of the polls, and multiply the number by the tax on each poll, and subtract the product from the whole tax to be raised by the town; the remainder will be the amount to be raised on the property. Having done this divide the whole tax to be raised by the amount of taxable property and the quotient will be the tax on $1. Then, multiply this quotient by the inventory of each individual, and the product will be the tax on his property.

A certain town is to be taxed $4280, the property on which the tax is to be levied is valued at $1000000. Now there are 200 polls, each taxed $1,40. The property of A is valued at $2800, and he pays 4 polls, B's at $2400 pays 4 polls, É's at $7242 pays 4 polls, C's at $2530 pays 2 F's at $1651 pays 6 G's at $1600,80 pays 4.

D's at $2250 pays 6

66

What will be the tax on one dollar, and what will be A's

tax.

Also the tax on each ?

$1,40×200=$280 amount of poll tax.

$4280-$280-$4000 amount to be levied on property. $4000 $1000000=4 mills on $1.

Then, to find the tax of each, as A's for example.

In the same manner the tax of each person in the town

ship may be found.

The assessors after finding the per cent., or the amount to be raised on each dollar, often form a table showing the amount which certain sums would produce. Thus, after having found, as in the last example, that 4 mills is to be raised on each dollar, we can, by multiplying by the several numbers 1, 2, 3, 4, obtain the following table.

1. Find the amount of B's tax from this table.

2. Find the amount of C's tax from the tables.

In a similar manner we might find the taxes to be paid

by D, E, &c