UNITED STATES MONEY. 211. United States Money, or the currency of the United States, is expressed in the decimal system. 212. The several denominations and their relation to each other are presented in the following table: 213. The dollar is the unit and is indicated by the symbol $; the eagle and dollar are read as a number of dollars. Thus $245 is read 245 dollars, instead of 24 eagles, 5 dollars. 214. The dime is one tenth of a dollar, and is expressed as tenths, the decimal point being placed between dimes and dollars. Thus $2.3 expresses 2 dollars and 3 dimes. 215. The cent is one tenth of a dime or one hundredth of a dollar, and is written in hundredths place. Thus $6.75 indicates 6 dollars 7 dimes and 5 cents. Dimes and cents, however, are usually read as a number of cents. Thus $6.75 is read 6 dollars and 75 cents. 216. Since dimes and cents are regarded as a number of cents, when the number of cents is less than 10, a cipher must be written in tenths place: cents are written $3.04. Thus 3 dollars and 4 Thus 217. The mill is one tenth of a cent or one thousandth of a dollar, and is written in thousandths place. $8.375 is read 8 dollars 37 cents and 5 mills. NOTES.-1. In checks, notes, drafts, etc., cents are usually written as tundredths of a dollar in the form of a common fraction, as $127. 2. When the final result of a business computation contains mills, if 5 or more they are reckoned 1 cent, and if less than 5 they are rejected. $7.187 would be reckoned as $7.19 and $3.162 as $3.16. Thus 3. We used dollars and cents in treating the fundamental rules; we now give a more formal treatment of decimal currency, involving problems that pupils were not then prepared to solve. Write on the slate or board 1. Seven dollars and twenty-five cents. 2. Twelve dollars, thirty cents, and five mills. REDUCTION OF UNITED STATES MONEY. ̧ 218. Reduction is the process of changing a number rom one denomination to another without altering its value. 219. From the explanation given we have the following PRINCIPLES. 1. To reduce cents to mills, annex one cipher. 2. To reduce dollars to cents, annex two ciphers. 3. To reduce dollars to mills, annex three ciphers. 4. To reduce cents to dollars, place the point two places from the right. 5. To reduce mills to dollars, place the point three places from the right. NOTE. In reducing a number of dollars and cents to cents, etc., the separatrix should be removed; thus, $5.25 525 cents, and $8.755 = 8755 mills. WRITTEN EXERCISES. 1. Reduce 5 dollars to cents. SOLUTION.-In 1 dollar there are 100 cents, and in 5 dollars there are 5 times 100 cents, or 500 cents, or we annex two ciphers, as above directed. 2. Reduce 25 dollars to cents. 3. Reduce 24 cents to mills. 4. Reduce 8 dollars to mills. 5. Reduce 20 dollars to mills. 6. Reduce 6 cents and 5 mills to mills. 7. Reduce 12 dollars and 25 cents to cents. 8. Reduce 23 dollars and 5 cents to cents. 9. Reduce 1450 cents to dollars. 10. Reduce 2700 cents to dollars. 11. Reduce 5425 cents to dollars. 12. Reduce 4170 mills to dollars. 13. Reduce 250 mills to cents. 14. Reduce 865 mills to cents. Ans. 2500. Ans. 240. Ans. 8000. Ans. 20000. Ans. 65. Ans. 1225. Ans. 2305. Ans. $14.50. Ans. $27. Ans. $54.25. Ans. $4.17. Ans. 25 cents. Ans. 86 cents. 15. Reduce 13875 mills to dollars, cents, and mills. Ans. $13.875. 16. Reduce 185326 mills to dollars, cents, and mills. Ans. $185.326. 17. How many dollars, cents, and mills in 235 dollars, 2 cents, and 5 mills? Ans. $235.025. 18. How many dollars, cents, and mills in 150 dollars, 10 cents, and 5 mills? Ans. $150.105. FUNDAMENTAL OPERATIONS. 220. Since United States Money is expressed in the decimal scale, all the operations may be performed as in decimals. Rule. To add, subtract, multiply, or divide in United States money, proceed according to the corresponding operations in decimals. WRITTEN EXERCISES. 1. Find the sum of $624 and 62 cents. Ans. $63.124. 2. From $25 take 25 cents and 5 mills. 3. Require the sum of $183, 183 dimes, mills. Ans. $24.741. 184 cents, and 18 Ans. $20.828. 4. From 1 dollar take 1 mill; from $505 take 505 cents. Ans. $0.999; $499.95. 5. Subtract 64 cents from 6 dollars, and add the remainder to 6 dimes. Ans. $7.08. 6. What must a stock-dealer pay for 27 young cows at $18 apiece? Ans. $506.25. 7. A drover sold the government 33 horses at the rate of $125 apiece; what did he receive? Ans. $4133.25. 8. If a cattle-feeder received $250.25 for the sale of 13 cows, what did they bring him a head? Ans. $19.25. what would 17 Ans. $123.25. 9. I paid $36.25 for 5 barrels of flour; barrels have cost me at the same rate? 10. A country merchant paid $96 for a lot of muslins, at 16 cents a yard; how many yards did he buy? Ans. 600. 11. How many cords of wood can be bought for $1553.25, at the rate of $4.75 per cord? Ans. 327 cords. 12. A carpenter earned in 4 months $240; how many days did he labor if his wages were $2.50 a day? Ans. 96. divide $48 by 6 dimes; 13. Divide $16 by 12 cents; divide 183 dimes by 15 mills. Ans. 1397; 80; 125. $551⁄2, a chain for $223, a 14. A lady bought a watch for key for $61, and sold them all at a gain of $63; what did she receive for them? Ans. $91.25. 15. A teacher bought a book for $21, an inkstand for 621 cents, some paper for $14, a map for $42, a globe for $51, and handed the clerk a ten-dollar-bill and a five-dollar bill; how much change should he receive? Ans. $0.37. 16. Mr. Benton bought 12 hogsheads of molasses of 63 gallons each, at the rate of 42 cents a gallon, and sold it at 50 cents a gallon; what was the gain? Ans. $56.70. 17. A lady bought 3 yards of muslin at 64 cents a yard, 7 yards of linen at 87 cents a yard, and handed out a $10 bill; what was her change? Ans. $3.72. 18. There was sold one day, in New York, Low Grade extra flour, amounting to $15,000 at $6.25 per barrel; how many barrels were sold? Ans. 2400 barrels. 19. A lady in furnishing her house bought 3 sets of chairs at $7.25 a set, 2 tables at $5.25 apiece, 3 rocking-chairs at $4.65 apiece, and 45 yards of carpet at $1.75 & yard; what was the amount of the bill? Ans. $124.95. 20. A dealer bought 8 barrels of turpentine, each containing 31.5 gallons, at $1.12 a gallon, and sold it for $1.371⁄2 a gallon; what did he gain? Ans. $63. 21. A man bought a boat load of coal for $250, and by retailing it at $5.75 a ton, he gained $37.50; how many tons in the load? Ans 50 tons. 22. The charge for sending a telegram from New York to Harrisburg is $.40 for 10 words, and 5 cents for each additional word; what would a dispatch of 24 words cost me? Ans $1.10. 23. Thomas Williams & Co. sold 420 bushels of new ungraded corn at 60 cents per bushel, and received in exchange 120 bushels of oats at 43 cents per bushel, and No. 1 Minnesota wheat, at $1.67 per bushel; how many bushels did they receive? Ans. 120 bushels. COMMERCIAL TRANSACTIONS. 221. In Commercial Transactions there are ordinarily three quantities considered, the quantity, the price, and the cost. 222. The Quantity is the amount bought or sold, esti mated by the number of times it contains the unit of measure. 223. The Price is the value of one of the units of measure of any commodity. The Cost is the value of the whole quantity. 224. An Aliquot Part of a number is the whole or mixed number which will exactly divide that number. |