King is wrong on leap year working

Algebra provides a clear solution

MERVYN King expresses concern about the effects on the economy because of the “extra” holiday this year because of the Queen’s Diamond Jubilee (“King warns on Queen’s Jubilee”, The Herald, March 28).

Unfortunately, anyone in the UK who works the full year this and every leap year is working one day extra since there are 366 days in a leap year. For anyone on an annual salary this extra day of work goes unpaid, therefore although we are getting an “extra” day’s holiday in 2012 the reality is we are working the same number of days anyway. It must be of some concern that someone in Mr King’s position is unable to appreciate we work an extra day in a leap year. Iain Mcintyre, 92 Machanhill, Larkhall. I WAS intrigued by Brian J Logan’s arithmetical solution (Letters, March 31) to Ian M Forrest’s maths problem (Letters, March 30) on the subject of alternative ways of expressing profits on financial transactions.

However, a more elegant and generalised solution can be obtained by employing school algebra. The final result, which may be more useful to Mr Forrest, can be expressed in the following terms.

For any given “profit on return” the desired selling price can be obtained by simply dividing (buying price times 100) by (100 minus percentage profit on return). Alastair Murdoch, 7A Crofthead Street, Strathaven, South Lanarkshire.