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.
