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On the Rate of Interest in Loans repayable by Instalments

Published online by Cambridge University Press:  18 August 2016

Peter Gray
Peter Gray*
Affiliation:
Institute of Actuaries
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Extract

My second example is the Austrian Loan of 1865. The conditions are as follows:—

734,694 Bonds, each of £19. 17s. 0d., issued at £13. 14s. 4d., that is, at a discount of £6. 2s. 8d. each.

Subscribers will be at liberty to pay their Scrip in full on any one of the above dates, under discount at 6 per cent per annum.

Type
Research Article
Information
Journal of the Institute of Actuaries , Volume 14 , Issue 3 , April 1868 , pp. 182 - 189
Copyright
Copyright © Institute and Faculty of Actuaries 1869

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References

page 186 note * As the quotients in this operation are taken to only two or three places, it is unnecessary to use more than three or four figures in the numbers producing them. Thus, instead of the above we might have written

page 188 note * In making the trial it is in this case necessary to form log(l +3) to 9 places in order to have log (1 +i)78 true in the seventh place.