An Introduction to the Mathematics of Finance by A. H. Pollard (Auth.)

By A. H. Pollard (Auth.)

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104 = la^ + IOOt; 9 at some u n k n o w n rate of interest. T h e R . H . S . a. T h e R . H . S . a. By interpolation, R . H . S . a. a. a. and the new equation of value . . B. T h e "capital gain" is here a loss of $4 on maturity which is an allowable deduction for tax purposes. e. a. a. a. a. a. '. V. 93 8-3 T h i s could also be obtained by interpolation, b u t it is simpler to use the result of Exercise 8-2. 75. V.

B. O p e r a t i n g expenses would normally be spread throughout the year and not payable in a l u m p sum at the end of the year. a. c o m p o u n d interest. a. T h e company therefore decides to increase its future deposits to $1200. W h a t a m o u n t is in the fund after 15 payments altogether have been made? a. W h a t a n n u a l deposit is required to cause the fund to a m o u n t to $10,000 in 10 years' time? 6-3 A council has to pay off two loans, one for $50,000 due in 10 years and one for $10,000 due in 12 years.

Tables have been prepared, based on this assumption that the interest payment reduces uniformly, and are in regular use for determining the outstanding debt at any time and the a m o u n t of interest which has actually been received and can be included in profits. It is a reasonably good approximation for loans u p to five years' duration. It does however always overstate the interest payments in the earlier years and understates them in the later years. Its use therefore 50 C O N T R A C T S A T "FLAT" RATES OF INTEREST tends to lead companies to overstate their profits in the earlier years and they then find it tougher going in the later years.

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