**1 The Annual Rate of Surplus-Value**

Let us consider a circulating capital of £2,500, 4/5 of which, £2,000, is constant capital, and 1/5 , £500, variable capital. The turnover period is five weeks: four weeks working period + one week circulation period. Capital I is thus £2,000, £1,600 constant and £400 variable capital; capital II is £500, £400 constant and £100 variable capital. In each working week, £500 is laid out. In a year of 50 weeks, an annual product of 50 500 = £25,000 is produced. Capital I is turned over 50/4, i.e. 12 1/2 times; 12 1/2 x £2,000 = £25,000. Of this £25,000, 4/5 , £20,000, is constant capital, and 1/5 , £5,000, variable. The *total* capital of £2,500 turns over 25,000/2,500 = 10 times.

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