 | Francis Baily - 1866 - 350 pages
...to be made half-yearly (each payment in this case being one half of the nominal annual rate), then the present value of £1 due at the end of the year will be expressed by (1+—) , which, by the binomial theorem, is equal to 1— r+— -- 2t 4 >.s rs... | |
 | George Lisle - Accounting - 1903 - 526 pages
...made at the end of each successive ^th part of a year. When interest is convertible m times a year, the present value of 1 due at the end of the year is . — - and of 1 due at the end of the ^th f part oi a year We therefore have The present value... | |
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When interest is convertible m times a year, the present value of 1 due at the end of the year... 