Excerpt from Prof. Ware's $10, 000 Prize Rule for the Equation of Payments: Two-Thirds of the Time and Labor Saved, Requiring Only One Division in Debit and Credit Accounts; To Which Is Appended Rankin's Perpetual Almanac
In presenting to the public his system of averaging accounts, the author claims as new his method of arranging the time and the computation of the interest. The time can be almost instantly arranged, without liability to error, thereby showing the number of months and days for which the interest must be obtained on each bill. The rate per cent. Used calculating the interest is such as to enable accountants to make their own calcu lations faster, and with less liability to error, than it could be taken from an interest table, - thereby rendering them perfectly inde pendent of tables, - by which they can become walking libraries, and not portable machines, as I have found to be the case with a great number of accountants from personal obser vation. Among the many multifarious and distracting duties of the counting-room none are so tedious and perplexing, and are the cause of so many misunderstandings and dis utes, as that of averaging accounts.
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