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68. I bought a sail-boat for $200, and paid $5 for painting and repairs. I let it enough to come to $25, and then sold it for $250. What per cent of my total expenses did I gain?
69. I sold a rifle for $16.60, thereby losing 17 per cent. How much did it cost me?
70. I purchased a lot of merchandise for a certain sum, and, after incurring expenses upon it to the amount of $25, I sold it for $290, thereby gaining 16 per cent on its entire cost. How many dollars did I pay for it?
71. I sold a horse for $212.50, thereby losing 15 per cent. For how much ought I to have sold him to gain 20 per cent?
SOLUTION. — As I lost 15 per cent, I sold him for 85 per cent of the cost. But to have gained 20 per cent, I should have sold bim for 120 per cent of the cost. As 120 per cent is 1 or 14 of 85 per cent, I ought to have sold him for 24 of $212.50, which is $300.
72. I bought 2 lots of land at the same price per acre. I sold the first lot for $125.32 per acre, thereby gaining 16} per cent; but was obliged to sell the second lot at a loss of 124 per cent. For how much per acre did I sell the second lot?
73. I bought 2 cargoes of coal at the same price per ton. I sold the first at an advance of 12 per cent, and the second at a loss of 12 per cent. The first cargo contained 123} tons, and I sold it for $622.44. The second cargo contained 128 tong. For how much per ton did I sell the second cargo ?
74. By selling a lot of goods for $1001, I lost 9 per cent. For how much ought I to have sold them to gain 34 per cent?
75. By selling a lot of goods for $545.49, I gain 14 per cent. For how much must I sell them to lose 6
per cent? 76. I bought a lot of goods, and, by selling į of them at an advance of 6 per cent, and the other half at an advance of 12 per cent, I gained $47.25. How much did they cost me ?
77. I bought a cask of oil. One-fourth of it leaked out, and I sold the remainder at an advance of 25 per cent of its cost. What per cent did I lose on the investment?
78. I bought a cargo of sugar, and sold it at an advance of 33} per cent on its cost; but 12, per cent of my sales proved to be bad debts. What per cent did I gain on the investment?
79. I bought some cloth at $3 per yard. How much must I ask for it, that I may fall 10 per cent from my asking price and still gain 20 per cent on the cost?
80. I bought the wood standing on 7 acres of land for $37.50 per acre. I paid $.70 per cord for having it cut, and $1.50 per cord for having it carried to market, and incurred other expenses on account of it to the amount of $8.75. The wood averaged 18 cords per acre. I sold it on 4 months' credit, at an advance of 75 per cent on its total cost; but the purchaser offering to pay me cash if I would deduct 5 per cent from the amount of the bill, I ac the proposition. How much did I receive per cord for the wood ?
(a.) Two or more persons, uniting for the purpose of carrying on business together, form what is called a PARTNERSHIP, FIRM, or COMPANY. The capital invested by them is called their STOCK IN TRADE.
(b.) When the stocks of the several partners are invested for the same length of time, each partner's gain or loss will be the same part of the entire gain or loss that his stock is of the entire stock.
1. Jones, Brown & Smith trade in company. Jones puts in $500 ; Brown puts in $300; and Smith puts in $450. They gain $937.50. What is each partner's share ?
PARTIAL Solution. — They all put in $1250, of which Jones put in ž, Brown put in 300 , Smith put in 450
25. Hence, Jones ought to have 3, Brown and Smith is of the gain.
2. A, B & C traded in company. A put in $1000, B $1200, O $1500. They gained $1000. What was each man's share ?
3. Rogers, Goodwin & Clark formed a partnership, with a capital of $10000; of which Rogers put in $3500, Goodwin $3700, and Clark the remainder. When their partnership expired, they found that they had lost $2500. What would be each man's share of the remaining capital?
4. John Smith, failing in business, finds that he owes $2500, and that his property is worth only $625. If he divides the latter justly among his creditors, how much will he pay on a dollar? How much to Mr. Bradford, to whom he owes $600? How much to Mr. Warren, to whom he owes $98.50?
6. A, B, and C do a piece of work together for $34.15. A is employed upon it 7 days, B 63 days, and C 8 days. How much money ought each to receive ?
6. A and B traded in company. A put in twice as much as B. They gained $300. What was each man's share ?
7. A and B traded in company. A put in as much as B. They gained $750. What was each man's share ?
8. A, B, and C traded in company. A put in ļ as much as B, and C put in as much as A and B together. They lost $1275. What was each man's loss ?
9. A, B, C, & D formed a partnership. A put in 4 times as much as B, while B put in as much as C, and D put in as much as A and B together. They gained $1943.76. What was each man's share of the gain?
10. A and B formed a partnership for one year. A put in $8000 and B put in $7000. It was agreed that B should manage the business, for which he should receive a salary of $1000; and that, after allowing for this, the profits or losses should be shared in proportion to the stock. At the end of a year, they closed up their business, and divided the property of the firm. Allowing that they had gained $4000, how much ought each man to receive ?
11. How much would each partner in the last example have received if they had lost $4000, instead of gaining it?
12. Edwin Adams, Henry B. Luther, and Horace K. Hull, formed a partnership, under the title of Adams, Luther & Co. Adams put in $7000, Luther $5000, and Hull $8000. Luther being better acquainted with the business than either of the other partners, it was agreed that his salary should be reckoned at $1200 per year, and the others at $600 each; and that, after allowing for these, the gains or losses should be shared in proportion to the stock. At the end of 2 years, they sold their stock in trade for twice their original capital. How ought the money to be divided ?
13. How would the proceeds in the last example have been divided if the stock had sold for a sum equal to 1 the original capital?
132. Partnership on Time.
(a.) When the stocks of the several partners are invested for unequal times, it is evident that the profit or loss should be shared in proportion to what the use or interest of each man's stock for the time it is invested is worth.
1. A, B & C traded in company. A put in $500 for 12 months, B put in $450 for 10 months, C put in $600 for 9 months. They gained $1200. What was each man's share i
10 $27.00 =
B should have 3358 or of the gain
$452.830. $339.623. $407.547
$5400 whole stock
$15900 Therefore, A will have
of gain, B would have
4500 T 5900
or of gain, and C would have 54 0 0 of gain, which gives the same results
1 5000 as before.
2. X, Y, and Z traded in company. X put in $1500 for 20 months, Y put in $1250 for 22 months, Z put in $2000 for 15 months. They gained $6000. How much ought each man to receive ?
3. James Smith, George Brown, and Charles Swain formed a partnership, under the firm of Smith, Brown & Co. Swith put in $1200 for 1 year, Brown put in $800 for 18 months, and Swain put in $900 for 16 months. They gained $3000. What was each man's share ?
4. Alfred White and Seth Jackson formed a partnership for 2 years. White put in $6000 for the whole time. Jackson was to manage the business, for which he was to receive $1000 per year. lle did not put in any money till the end of 6 months, when he put in $5000. They gained $8000. What was each partner's just share ?
5. Arthur Robbins, William Chase, Joseph Daggett, and James Freeman did a piece of work in company for $50. Robbins worked 8 hours per day for 6 days, Chase worked 10 hours per day for 3 days and 9 hours per day for 2 days, Daggett worked 7 hours per day for 4 days and 10 hours per day for 2 days, and Freeman worked 10hours per day for 2 days and 9 hours a day for 4 days. How much money ought each to receive ?
6. William Mason, James Loring, and Thomas Davis formed a partnership for 2 years, commencing with a capital of $4000 each. At the end of the first year, Mason took out $1000. Loring put in $1000 and Davis put in $500. When the partnership expired, they found that they had gained $8000. How many dollars should each receive? How many dollars would each receive if the capital and gain were both divided ?
7. A, B, and C traded in company. A put in $1000 for 6 months, and at the end of that time put in $1000 more. B put in $800 for 6 months, and at the end of that time put in $700 more. C put in $2000 for 4 months, and at the end of that time withdrew $800. At the end of a year they settled up their accounts, and the partnership was dissolved. Allowing that their loss in trade was $1600, how much capital would each man carry out of the firm ?