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The Interest Question

Published online by Cambridge University Press:  18 August 2016

H. E. Filipowski
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Abstract

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Type
Correspondence
Information
Journal of the Institute of Actuaries , Volume 4 , Issue 3 , 1854 , pp. 253 - 256
Copyright
Copyright © Institute and Faculty of Actuaries 1854

References

page 254 note * Half yearly or quarterly accumulations at the rates respectively of ·0148891 and ·00741707, and daily accumulations at the rate of ·00008099, would produce the same result. But it is evident that the principle of momently accumulations must be adopted as the general rule, otherwise the number of accumulations per annum would have to be varied, whenever the period for payment of the sum assured was altered either from the date of death or the end of the year of death. See Baily's Doctrine of Interest and Annuities, where the difference between the true and the nominal rate of interest, and the effect of compound interest when fractional portions of a year have to be taken into account, are fully discussed; and a Table is given, showing the amount of £1 in any number of days at various rates of compound interest.