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An Early Book on Compound Interest: Richard Witt's Arithmeticall Questions

Published online by Cambridge University Press:  18 August 2016

Extract

One of the highlights of the year 1613 was the burning down of the Globe Theatre in London, during a performance of Shakespeare's newly-written ‘Henry VIII’, when the discharge of a piece of ordnance set fire to the thatch.

Another event which took place during the year was less spectacular but, to actuaries, just as noteworthy. This was the publication of a book by Richard Witt entitled: Arithmeticall Questions, touching The Buying or Exchange of Annuities; Taking of Leases for Fines, or yearly Rent; Purchase of Fee-Simples; Dealing for present or future Possessions; and other Bargaines and Accounts, wherein allowance for disbursing or forebeareance of money is intended; Briefly resolved, by means of certain Breviats. (See Title Page in Figure 1 on facing page).

Type
Review Article
Copyright
Copyright © Institute and Faculty of Actuaries 1970

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References

(1) De Morgan, Augustus. Arithmetical Books, London, 1847.Google Scholar
(2) Attwood, Charles E. Compound Interest Functions, London, 1967.CrossRefGoogle Scholar
(3) Pegolotti, F. B. La Pratica della Mercatura, ed. by Evans, Allan, 1936. (Publications of the Mediaeval Academy of America no. 24.) Reprint of a 14th Century Italian manuscript which includes compound interest tables of (1 + i)n.Google Scholar
(4) Divine, Thomas F. Interest, Milwaukee, 1959.Google Scholar
(5) Tawney, R. H. A Historical Introduction to ‘Wilson's Discourse upon Usury (1572)’, London, 1925.Google Scholar