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Proper Expression for the Amount of £1, with the Fractional Part of a Year's Interest

Published online by Cambridge University Press:  18 August 2016

Edwin Jas. Farren
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Abstract

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Type
Correspondence
Information
Journal of the Institute of Actuaries , Volume 3 , Issue 4 , 1853 , pp. 335 - 336
Copyright
Copyright © Institute and Faculty of Actuaries 1852

References

page 335 note * Mr. Thomson says—“Sang, in all his assurance calculations, considered the rate of interest of half a year, not as Mr. Farren says , or ·015, but

Whatever may have been Mr. Sang's practice in Scotland, to English readers at least half a year's interest on £1000 at 3 per cent, would imply £15, and not £14. 17s. 9¼d., in consideration of the square root; especially when that square root as of l·03 is itself really incommensurable. Neither can such a procedure have reference to the time of death; for a period described as the square root of the year of death would seem more allied to sound than sense.

It is right, however, to state that Mr. Thomson has fairly limited himself to indicating what Mr. Sang's own practice was, without enrolling himself among his disciples.