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15. A factor receives 988 dollars, to lay out, after having deducted his commission of 4 per cent. how much will remain to be laid out?




If 104 :




:: 988 : 950 dols, the Ans. 16. A factor has in his hands 3690 dollars, which he is directed to lay out in iron, reserving from it his commission of 2į per cent. on the purchase, the iron being 95 dols. per ton; how much did he purchase ?

Anl. 37 tons 17 cwt. 3 qrs. 16,4 lb.


INSURANCE is an exemption from hazard, by paying, or otherwise fecuring a certain surn, on condition of being indemnified for loss or damage.

Policy is the name given to the instrument, by which the contrat of indemnity is effected between the insurer and insured. Average loss is 5 per cent. that is, if the insured suffer


loss or damage not exceeding 5 per cent, he bears it himself, and the insurers

are free.

Rule. The method of operation as in interest.


Ans. 93

75 cts.

1. What is the premium of insuring £.924, at 7 per cent ?

Ant. £.64 13 7 What is the premium on 1650 dols. at 12 per cent ?

Anf. 198 dols. 3. What is the premium of insuring 1250 dollars, at 77 per Sent ?

dols. 4. What is the premium of insuring 4500 dollars, at 25 per Gent ?

dollars. 5. What is the premium of insuring 1650 dols, at 151 per cent ?


75 6. What is the premium of insuring 1873 dols, at per cent ?

Ans. 2 dols. 34 cts. I m. 7. What sum is to be received for a policy of 1658 dols. dedućting the premium of 23 per cent ? Anl, 1276 dols. 66 cts.

Anf. 1125

Ans. 255


8. What sum must a policy be taken out for to cover 1800 dols. when the premium is 10 per cent. ?

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9. What fum must a policy be taken out for to cover 3926 dols. 7 cents, when the premium is 6 per cent. ?

Ans, 4176 dols. 67 cents.


WHATEVER the master of a ship in distress, with the advice of his officers and failors, deliberately resolves to do, for the prefervation of the whole, in cutting away masts or cables, or in throwing goods overboard to lighten his vessel, which is what is meant by jettison or jetfon, is in all places permitted to be brought into a general average ; in which all who are concerned in ship, freight and cargo, are to bear an equal or proportionable part of the loss of what was so facrificed for the common welfare ; and it must be made good by the insurers in such proportions as they have underwritten.



A loaded ship met with such exceeding bad weather, that the master and mariners found it impossible to save her without throwing part of her cargo overboard, which they are authorized to do for prefervation. Being thus necessitated, they threw such goods as lay nearest at hand, and lightened the ship of 10 casks of hardware and 40 pipes of Madeira wine, which they judged sufficient to keep her from finking. Soon after that the ship arrived at her destined port, and then an average bill was immediately made in order to adjust the loss, and to pay the proprietors of those goods, which were thrown overboard, for the good of the whole.

Average accrued to ship - for goods thrown overboard for prefervation of fhip, freight and cargo.

dols. Ship valued at

I 2000 Freight (wages and victuals deducted)

3000 Thomas Nugent's value of goods

4000 Thomas Morgan's value of goods

2500 James Simpson's value of goods

8500 Andrew Wilson for 40 pipes of wine

4000 Laurence Ward for 1o calks of hard ware



Mr. Andrew Wilson's goods, thrown overboard, were

valued at Mr. Laurence Ward ditto

4000 6000


If 40000 give 10000 loss, what loss will 100 give ?

Ans. 25 per cent. The ship must pay to A. W.and L. W. for 12000 dollars, at 25 per cent.

3000 The freight, 3000 dollars, at the same rate

750 Thomas Nugent, for 4000 dollars, at the fame rate Thomas Morgan, for 2500 dollars, at the same rate 625

James Simpson, for 8500 dollars, at the same rate 2125 A. W. and L, W. receive of the owners of the goods saved, and the ship's owners

7500 Their property being insured, the underwriters pay them






The Sea-Horfe, Capt. Dix, laden with hemp, cordage, and iron, bound from Riga to Boston, ran on shore, coming through the grounds at Elsineur. The captain hired a great number of men, and feveral lighters, to lighten the fhip, and to get her afloat again, which was done ; but he was obliged to pay 409 dols. 23 cts. for their alfistance. This expenfe being incurred to preserve both fhip and cargo, the average must consequently be general. When the ship arrived at Boston, the captain immediately made a protest and an average bill, which was thus stated, Average accruing to the ship Sea Horfe, from Riga to Bofton, ir 1799, for afhstance in getting off the strand of Elfineur.

dols. cts. For fundry charges paid at the Sound for lighters and aslistance in getting off the ship

409 23 Protest and postage

35 37


444 60


The ship's freight money
Wages for all the people, 4 ms, and 20 d. 5601
Viftuals for ditto



300 s


The ship Sea-Horse valued at
Freight valued at
William Jenkins for value of hemp
Daniel Jones for value of cordage
Enoch Flinn for value of iron


2600 18000 4000 2400


If 39000 dollars lofe 444 dols. 60 cts. what will 100 dols. lose ?

Ans. i dol. 14 cts.

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The ship must bear 12000 dols. at 114 cents per 100
The freight 2600 dols. at the same rate
William Jenkins for 18000
Daniel Jones for 4000
Enoch Flinn for 2400



45 60 27 36

444 66


Srock, in the sense in which it is here used, is fund established by government or individuals in a corporate capacity, the value of which is variable.


1. What is the amount of 1565 dollars national bank stock, at 134 per cent. ?


6260 4695 1565



dols. Jo cts. What is the amount of 2958 dollars bank stock at 25 per cent. advance ?

2958 25 4


3697,50 Ans. 3697 dols. 50 cts. dollars.

dols. cts, 3. 6959 of 8 per cent. stock, at 110 per cent. Aní.7654,90 4. 1796 6


1643,34 5. 1284 3

541 6. 3172 deferred


2823,08 7. state notes


1271,32{ 8. 1686 Union Bank






that money,

. Is the abating of so much money to be received before it is due, as


put at interest, would gain in the same time and at the fame rate,

Thus 100 dollars would discharge a debt of 106 dollars payable in 12 months, discount at 6 per cent. per annum, because the 100 dolJars received would, if put to intereft, regain the 6 dollars discount.

RULE. As too dollars, with the interest for the given time, is to 100, so is the given sum to the present worth, and the difference between the present worth and the given sum is the discount.

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