The steamer, Katie, leaves the wharf at New Orleans and runs an average speed of 15 mph. When Katie had gone 25 miles, the steamer R.E. Lee leaves the wharf and runs the average speed of 18 mph. How far will the Lee go before she overtakes the Katie?
A farmer sold a team of horses for $440, but did not receive his pay for them until 1 yr, 8 mo after the sale. He had at the same time another offer of $410 for them. Did he gain or lose by the sale and by how much, money being worth 6%/yr?