of the same (or nearest) value, with the annuity on the said joint lives, to be found from Table I. The value of an annuity of £100 per annum on the joint continuance of this life and the younger life from Table II., five pounds being deducted from this sum, the remainder is the value of an annuity of £100 per annum held on the joint continuance of the three lives. RULE for DETERMINING the VALUE of an ANNUITY of £100 per annum, held on the longest of three lives. The values of an annuity of £100 per annum for each of the three single lives to be extracted from Table I., and to be added together. The value of an annuity of £100 per annum on the joint continuance of the two youngest lives, also the value of an annuity of £100 per annum on the joint continuance of the two eldest lives, also the value of an annuity of £100 per annum on the joint continuance of the oldest life and the youngest life (all found by Table II.) to be subtracted from the sum or addition of the annuities on the three single lives. To the result is to be added the value of an annuity of £100 per annum held on the joint continuance of the three lives; the amount is the value of an annuity of £100 per annum on the longest of the three lives. FURTHER RULE. And in all cases where the annuity shall be for more than three lives, the same shall be valued as an annuity for the three youngest of such lives; and where the annuity shall be given for a longer term of years than ninety-five years, or in perpetuity, the same shall be valued as an annuity for ninety-five years only. TABLE IV. (8) This is an expansion of the first table, and an epitome of "New Government Tables" computed by the official calculator appointed to frame the various tables appertaining to the Succession Act. The first table-which denotes the value of £100 only-is so limited as to be practically useless to many persons who have odd pounds, shillings, and pence to find the precise value of; while the new Government tables in their entirety-comprising ninety-six pages are too long for this book. We, therefore, intend to give only five sets of figures, which by simple addition and multiplication will enable the most unskilful in numbers to ascertain the value of any annuity, whether the amount be in round sums or otherwise. The ages and the value of an annuity of 1s., 2s. 6d., 5s., £1, and £10 will suffice for every exigency; but when it is necessary to calculate above £100, take that value from the first table and find the difference by this. Thus, suppose you wish to find the value of £587, 15s., at age 21, proceed as follows: (s) This and the following three Tables are taken from "Phippen's Practical Advice to Testators and Executors," 3rd ed., London, 1876. Take the extreme rate of duty of ten per cent., and it will be found that a slight deviation of eightpence on the capital value does not amount to one penny duty; and hence the epitomised table is for ordinary purposes as effective as the one of ninety-six pages. It is true the latter also indicates the duty payable on each sum at the several rates of 1, 3, 5, 6, and 10 per cent.; but after our reiterated design to employ as few figures as the nature of our illustrations will justify, it would be an insult to the intellect of our readers to work out these calculations for them, as we imagine any person acquainted with the rudiments of arithmetic can do so for himself. The amount of the annual sum will be found in the first column, and the values according to ages in the horizontal line. |