The nature of capital and income

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Monograph

Identifikator:: 102659555X

URN:: urn:nbn:de:zbw-retromon-82920

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The nature of capital and income

Place of publication:: New York

Publisher:: The Macmillan Company

Year of publication:: 1923

Scope:: XXI, 427 Seiten

Digitisation:: 2019

Collection:: Economics Books

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APPENDIX TO CHAPTER XIII 391 year previous to the due date, or one year from the present, and rediscounting this 970.87 at 59, for one year, giving 970.87 1.05 In general, if ¥ represents the item of income to be received, , or $924.30, as the present value. its value in one year will be and its present value, + 1 lm YS een +4) (1+) which formula is, of course, easily extensible to three or any number of years. If we represent the future value ¥ in Figure 47 by the line AB, its value in one year is CF, found by the 3% discount B C Ry D E F A Fic. 47. curve BC, and its present value is ED, found by the 59, dis- count curve DC. In other words, instead of having a uniform discount curve from B to D, we have a broken discount curve BCD, with a different percentage rate of rise for the two years considered. ; In this way we may obtain the present value of any series of income items precisely as before, with the exception that the dis- count curves are now somewhat irregular. Thus, if the series of income items at different points of time are of the magnitude

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