fullscreen : The nature of capital and income 

 

    

 

    
   

APPENDIX TO CHAPTER XIII

 

 

 

 

 

 

F
G
C
CE
—
Se ———
po. oR
Log og
poh ~

Fia. 39.

present value at time 4 of the value BE, at time B, is evidently
 AC, found by drawing the discount curve CE. Therefore
 the value of the terminable annuity is equal to AD — AC,
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