$1

In North Carolina the dollar is reckoned at 10 shillings;

· 18£. = ££.

In South Carolina and Georgia 4 shillings 8 pence is the value of a dollar; $1=£.

In Canada and Nova Scotia the dollar is valued at 5 shillings; $1=5£.=}£.

In English or sterling money, the dollar is valued at 4s. 1.6d. nearly; $1 = £.

NOTE. The value of a pound English or sterling money is very nearly $4.84.

ART. 191. To reduce pounds, shillings, pence, and farthings, of the different currencies, to United States money.

Ex. 1. Reduce 18£. 15s. 6d., New England currency, to United States money. Ans. $62.58.

OPERATION.

We first reduce the shillings 18£. 15s. 6d. = 18.775£. 18.775£.£. = $62.58 pound (Art. 188), and then and pence to the decimal of a annexing it to the pounds, we divide the sum by, because 6s. or a dollar in this currency is of a pound, and thus obtain the answer in dollars and the decimal of a dollar. Hence the

RULE. - Reduce the shillings, pence, and farthings, if any, to the decimal of a pound, and annex it to the pounds; then divide this number by the value of the dollar in the given currency, expressed as a fraction of a pound. The quotient is the answer in dollars, and the decimal of a dollar.

EXAMPLES FOR PRACTICE.

2. Change 144. 7s. 6d. of the old New England currency to United States money.

3. Change 74£. 1s. 6d. of the old currency of New York to United States money.

4. Change 129£. of the old currency of Pennsylvania to United States money.

5. Change 144£. 6s. 3d. 2qr. of the old North Carolina currency to United States money.

QUESTIONS. What is the value of a dollar in Canada? In English or sterling money? What is the value of a pound, English or sterling money, expressed in United States money? - Art. 191. How do you reduce pounds, shillings, pence, and farthings, New England currency, to United States money? Why divide by .? How reduce them if in New York currency? How, if in Georgia currency? What is the general rule?

6. Change 84£. of the old currency of South Carolina to United States money.

7. Change 144£. 4s. of Canada and Nova Scotia currency to United States money.

8. Change 257£. 8s. 6d. English or sterling money to United States money.

ART. 192. To reduce United States money to pounds, shillings, pence, and farthings of the different currencies.

Ex. 1. Reduce $152.625 to old New England currency.

OPERATION.

Ans. 45£. 15s. 9d.

Since 6s. or a dollar in this currency is of a pound, we multiply

152.625 × = 45.7875€. the given sum by the fraction fʊ,

45.7875€. = 45£. 15s. 9d.

and reduce the decimal to shillings and pence. (Art. 189.) Hence the following

RULE.-Multiply the dollars, cents, &c., of the given sum by the value of the dollar in the required currency EXPRESSED AS A FRACTION OF A POUND. The product is the answer in pounds and the decimal of a pound, which must be reduced to shillings, pence, &c. (Art. 189.)

EXAMPLES FOR PRACTICE.

2. Change $481.25 to the old currency of New England. 3. Change $ 185.18 to the old currency of New York. 4. Change $344 to the old currency of Pennsylvania. 5. Change $ 288 to the old currency of North Carolina. 6. Change $360 to the old currency of South Carolina. 7. Change $576.50 to Canada and Nova Scotia turrency. 8. Change $1245.93,3 to English or sterling money.

QUESTIONS. Art. 192. How do you reduce United States money to pounds, shillings, pence, and farthings, New England currency? Why multiply by

£. How would you reduce United States money to pounds, &c., Ohio currency? How, to Pennsylvania currency? What is the general rule?

§ XXII. PERCENTAGE.

ART. 193. PERCENTAGE and per cent. are terms derived from the same Latin words, per and centum, which signify by the hundred. Percentage, therefore, is any rate or sum on a hundred, or it is any number of hundredths. Thus, if an article is bought for $100 and sold for $105, the gain is 5 per cent., because $5 are 5 of $ 100, or of the original cost. Again, if an article is bought for $25 and sold for $30, the gain is 20 per cent., because $5 are 2 of $25, or of the original

cost.

=

20 100

Since per cent. is any number of hundredths, it is a decimal written in the same manner as hundredths in decimal fractions. Thus, 5 per cent., 25 per cent., &c., are written .05, .25, respectively. (Art. 175.)

When the per cent. is more than 100, it is an improper fraction, and if expressed decimally, it becomes a mixed number; thus, 103 per cent., equal to 188, is written 1.03.

If the per cent. is a vulgar fraction, or contains a vulgar fraction, the fraction is a part of one hundredth, and if expressed decimally, must be written in the third or thousandths' place; thus,per cent., & per cent., 12 per cent., are written .005, .0075, .122, respectively.

EXAMPLES IN WRITING PERCENTAGE.

Write decimally 2 per cent.; 3 per cent.; 5 per cent.; 6 per cent.; 7 per cent.; 8 per cent.; 10 per cent.; 15 per cent.; 25 per cent.; 50 per cent.; 100 per cent.; 105 per cent.; 115 per cent.; 6 per cent.; 83 per cent.; 20 per cent.; per cent.; per cent.; per cent.; per cent.

ART. 194. To find the percentage on any sum or quantity.

Ex. 1. Bought a house for $625, and sold it at 6 per cent. advance; what did I gain by the sale? Ans. $37.50.

QUESTIONS. Art. 193. From what are the terms percentage and per cent. derived, and what do they signify? How then will you define percentage? How will you illustrate it? How is per cent. written, when less than 100? How, when more than 100? If the per cent. is a fraction, or contains a fraction, what is the fraction, and if expressed decimally, what place must it occupy?

RULE. Multiply the given quantity or number by the rate per cent. considered as a decimal, and point off the product according to the rule for multiplication of decimal fractions. (Art. 185.)

NOTE. If the per cent. contains a vulgar fraction that cannot be expressed decimally, or, if thus expressed, would require several figures, it is more convenient to multiply by it as a mixed number. (Art. 155.)

8. What is 41 per cent. of 587 yards of cloth ?

9. I lost 10 per cent. of $ 975; how much have I remaining?

10. A piece of cloth containing 32 yards, after being spunged, shrunk 8 per cent. in length; what was the length of the piece after shrinking?

11. A man received a legacy of $10000, but he lost 15 per cent. of it in speculation; what sum had he remaining?

12. Bought 25 shares in the Boston and Maine Railroad, at $100 each; but soon after I sold them at 12 per cent. advance; what did I gain?

13. Bought 1728 acres of land at $25 per acre, and sold my bargain at 15 per cent. advance; what did I gain by my purchase?

14. Sent to Liverpool 5000 bushels of wheat, which cost me 1.25 per bushel; but 25 per cent. of the wheat was thrown

QUESTIONS. Art. 194. Will you explain the operation for finding the percentage on any sum or quantity? Give the reason for the process. What is the rule ?

0 per

overboard in a storm, and the remainder was sold at $2.00 bushel; what was gained on the wheat?

15. T. Page received a legacy of $8000; he gave 19 per cent. of it to his wife, 37 per cent. of the remainder to his sons, and $2000 to his daughters; what sum had he remaining?

16. The nominal value of a share in a certain railroad is $100; if I purchase 17 shares at 15 per cent. below their nominal value, and sell them for 15 per cent. above, what do I gain?

17. My tailor informs me, it will take 10 square yards of cloth to make me a full suit of clothes. The cloth I am about to purchase is 13 yards wide, and on spunging, it will shrink 5 per cent. in width and 5 per cent. in length. How many yards of the above cloth must I purchase for my

66

new suit"?

§ XXIII. SIMPLE INTEREST.

ART. 195. INTEREST is the compensation which the borrower of money makes to the lender.

The rate per cent. is the sum paid for the use of $100, 100 cents, or 100€., for one year.

The principal is the sum lent, on which interest is computed.
The amount is the interest and principal added together.
Legal interest is the rate per cent. established by law.
Usury is a higher rate per cent. than is allowed by law.

ART. 196. The legal rate per cent. varies in the different States and in different countries.

In the New England States, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, Tennessee, Kentucky, Ohio, Indiana, Illinois, Missouri, Arkansas, District of Columbia, and on debts or judgments in favor of the United States, it is 6 per cent.

QUESTIONS.

Art. 195. What is interest? What is rate per cent. ? What is the principal? What is the amount? What is legal interest? What is usury ↑ — Art. 196. What is the legal rate per cent. in the different States?