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THE NEW STUDENT'S  REFERENCE  WORK                                  2139

I send to a broker $765.51 for the purchase of wool after the commission of 2% is deducted. "What is his commission?

100%       +       2%u $765.51 = sum invested -f- commisison $765.51 = 102%

765.51X100

A.  -= $750.50 = sum invested

102

750.50 = sum invested orB. 1.02 A) 765.51x00 714 515

510                          $765.51 — $750.50 = $15.01 commission

~510 510 0

EXERCISE 37.

1.   A lawyer collected 85% of an account of $590, charging 5% commission. What was his commission!

2.   Find the weekly income of a commercial traveler who receives $10 a week and a commission of 3% of his sales, if his sales average $450 a week.

3.   A broker sells 250 bales of cotton of 500 Ib. each, at 14c per pound. The rate of commission is 3%. Freight and other expenses are $200. Find the broker's commission, and the net proceeds of the sale.

4.   A commission merchant sold 500 bbl. of flour at $7 a barrel, and sent me a check for $3360. What rate of commission did he charge?

5.   What is the per cent of commission when an agent reserves for himself $200 of $6200 sent him to invest ?

TAXES.

A tax is a sum of money assessed on a person, on property, or on the income of an individual, to defray the expenses of a town, city, county or state.

A poll tax is a tax assessed upon a person.

A property tax is a tax assessed upon property.

An income tax is a tax assessed upon a person's income.

Property is of two kinds:

1.   Real estate consists of immovable property, as land, houses,

etc.

2.   Personal property consists of movable property,  as money,

bonds, merchandise, horses, etc.