Full text: 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 evi- 
dently AC, found by drawing the discount curve CE. There- 
fore the value of the terminable annuity is equal to AD — AC,
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