Sixteen pence in the Pound. OR, A Table showing the present worth of one Pound Annuity, for any time under 100 years, by years, halves, and quarters. COMPUTED, For the just proportioning of the Fines at that rate, according to the present worth of every man's respective Interest in Houses built upon New Foundations since the 25 th'. of March, 1620. By JOHN NEWTON, M. A. London, Printed 1658. TO THE COURTEOUS READER. BY an Act of Grace, and not by imposition of a new tax, a years rend only, is now required of such as have transgressed the Laws formerly made for preventing of Buildings, lest any should suffer too much by the rigorous execution of those Laws, and further it is provided that this years rend be indifferently proportioned, upon several persons, according to their respective interests in such Houses, where more than one are concerned; (for where one only person is concerned, the Fine is quickly set, viz. a years rend,) but where there are more concerned, though there is still but one years rend required; yet how this shall be raised, is not so easy to determine, and is therefore to be proportioned upon the several persons concerned therein, according to their respective interests, in such manner as the Commissioners appointed, by his Highness, shall think fit, for which purpose, a certain value of such Houses must be fixed, and therefore that the Head-Land-lord, (by whom the transgression was first committed) might pay somewhat a greater proportion, for his estate in reversion, than the Under-tenants, that do derive their interests from him, it is determined by his Highness' Commissioners, that the Fee-simple of such Houses shall be valued at 15 year's purchase, and the estates of the Under-tenants, at 8 li. in the Hundred, or 12 year's purchase, and a half, or as near that rate, as the condition of their estates will allow, without imposing too great a proportion upon the Head-Land-lord, now by this ensuing Table, these fines or parts of rent may be so computed, as that all the Under-tenants shall be allowed between 7, and 8, in the Hundred for their purchase money, according as their interest is, whether for a longer or a shorter time, nevertheless then 7, that so the fine may fall somewhat more heavily upon the Head-Land-lord, than the Under-tenant, and never more than 8; lest the reversion should fall heavier than is intended, for the first 20 years, the present worth is here to be computed at the rate of 8 per Cent. and at the rate of 12 pence less for every fourth year after, that is a lease of 24 years is computed at the rate of 7 l. 19. per Cent. 28 at the rate of 7. 18 s. Cent. and so decreasing 12 pence for every 4 years till you come to 100, for which time the rate is 7 per Cent. per Ann. now how such Fines or parts of rent may be so computed by this Table, as that the several Fines, which are proportioned upon him that hath the Fee, and upon his Under-tenants shall in the whole make but one years' rent, we will explain by example, taking it for granted, that the Reader already knows, how the parts of a pound may be reduced into a Decimal, and the contrary. 1 Question. There is a House let for 14 l. 10 s. in which A B hath 2. 10 s. for 11 years, C D hath 4 l. for 11 years and 6. 10 s. for 24 years after E F hath 8 l. for 35 years and the Fee, the question is what every of these estates is worth in present money, and what each man's Fine or proprrtion of rent is, which he must pay for his interest. For answer to this Question: First, compute the present worth of A B in this manner, the number in the Table answering to 11 years is 7.138963, now than I say, If 1 l. Annuity, for 11 years be worth 7.138963 2.5 What is the present worth of and multiplying the second and third terms together, the product is which is the present worth required. 17.8474075 Now because CD hath 4 l. for 11 years & 6.10 s. for 24 years after, I add his number of years together, and they make 35, for which time I find the present worth of 6.10 s. to be 77.1726085, from deducting the present worth of 2.10 s. before found, the remainder is the present worth of 4 l, for 11 years, and of 6.10 for 24 years after. The present worth of 6.10 for 35 years is 77.17260 The present worth of 2.10 for 11 years subtract 17.84740 The remainder is the present worth of CD required. 59.32520 And to find the present worth of OF, who hath 8 l. for 35 years, and the Fee in reversion, I compute the present worth of the whole estate at 15 years' purchase, now the whole rent is 14.10, or 14,5, which being multiplied by 15, the Fee-simple is worth 217.5, from which deducting the present worth of 6.10 for 35 years 77.17260, which is the present worth of the estates of AB and CD added together, the remainder is the present worth of EF. The present worth of 14.10 in Fee 217.50000 The present worth of 6: 10 for 35 years subtract 77.17260 The remainder is the present worth of OF, who hath 8 l. for 35 years, and the Fee in reversion of 14.10. 140.32740 Now the present worth of these 3 estates added together, do make the present worth of the whole rent 14.10 at 15 year's purchase. The present worth of AB 17.84740 The present worth of CD 59.32520 The present worth of OF 140.32740 The present worth of the Fee 217.50000 Or being reduced into currant Money. l. s. d. The present worth of AB 17 16 11 The present worth of CD 59 06 06 The present worth of OF 140 06 07 The present worth of the Fee 217 10 00 And the present worth of each man's estate being thus found, the proportional part of the years rend which every man must pay for his interest, is easily found also; for the Fee being rated at 15 years' purchase, it is apparent that one pound is the Fine of an estate, that is worth 15 pound in present money, and hence to discover the Fine of one pound, I say, if 15 give I, what shall 1 l. give? and the answer is 1 shilling, 4 pence, or the 15 part of a pound, and therefore the Fine of every man's present worth, is 16 pence in the pound; but because the Fine, for the part of a pound, is in this manner somewhat troublesome, if you divide the present worth of an estate, by 15, the Quotient shall be the Fine required. Example, The present worth of AB 17.84740 being divided by 15, the Quotient is 1.18982 or 1 l. 3 s. 10 d. And because it is all one to divide by 5 and by 3, or to divide by 15, the Fine will somewhat more easily be discovered by such division, it being easier to divide by one digit, then by two. Thus dividing 17.84740 first by 5, the Quotient is 3.56948, and then dividing this Quotient by 3 the second Quotient 1.18982, is the Fine required as before. And because it is all one to divide a number by 5, or to multiply the same number by 2 tenths, therefore if you multiply the present worth by 2 tenths, and divide the product by 3, the quotient will be the Fine required. Example, The present worth of AB 17.84740 which being multiplied by 2, is 3.56948 And this product divided by 3 giveth in the Quotient as before 1.18962 So that by either of these ways the Fines or parts of rent may be discovered; And thus, The Fine which AB must pay is 1.18982 The Fine which CD must pay is 3.95502 The Fine which OF must pay is 9.35516 In all 14.50000 Or in the parts of currant Money. The Fine which AB must pay is 1 03 10 The Fine which CD must pay is 3 19 01 The Fine which OF must pay is 8 07 01 In all 14 10 00 And in this manner, may all other questions of the like nature be resolved, I shall not therefore trouble thee with any farther Directions, but leave these such as they are, to be perused and censured, as in thine own judgement they shall deserve. John Newton. A Table showing the present worth of 1 l. Annuity, at several rates between 8 and 7 per Centum, per Annum, Compound Interest, by years, halves, and quarters, for time less than one Hundred years. 00.238204 0.471869 0.701082 1 0.925926 1.146486 1.362842 1.575076 2 1.783264 1.987487 2.187817 2.384329 3 2.577096 2.766191 2.951683 3.133639 4 3.312126 3.487214 3.658965 3.827443 5 3.992709 4.154828 4.313857 4.469855 6 4.622879 4.772989 4.920238 5.064680 7 5.206369 5.345359 5.481702 5.615445 8 5.746638 5.875334 6.001576 6.125412 9 6.246887 6.366049 6.482941 6.597625 10 6.710080 6.820416 6.928649 7.034818 11 7.138963 7.241126 7.341341 7.439647 12 7.536077 7.630673 7.723464 7.814488 13 7.903775 7.991363 8.077281 8.161562 14 8.244236 8.325337 8.404891 8.482928 15 8.559477 8.634571 8.708232 8.780489 16 8.851368 8.920899 8.989104 9.056009 17 9.121637 9.186018 9.249169 9.311119 18 9.371886 9.431498 9.489972 9.547333 19 9.603598 9.658794 9.712937 9.766048 20 9.818146 9.865308 9.912470 9.959632 21 10.006794 10.053956 10.101118 10.148280 22 10.195441 10.242603 10.289765 10.336927 23 10.384089 10.431251 10.478413 10.525575 24 10.572737 10.608954 10.645171 10.681388 25 10.717604 10.753821 10.790037 10.826254 26 10.862471 10.898688 10.934905 10.971121 27 11.007338 11.043555 11.079771 11.115988 28 11.152205 11.181951 11.211697 11.241443 29 11.271189 11.300935 11.330681 11.360427 30 11.390173 11.419919 11.449665 11.479411 31 11.509158 11.538904 11.568650 11.598396 32 11.604142 11.626522 11.648903 11.971283 33 11.693664 11.716044 11.738425 11.760805 34 11.783186 11.805566 11.827947 11.850328 35 11.872709 11.895089 11.917470 11.939851 36 11.962231 11.980316 11.998401 12,016486 37 12.034571 12.052656 12.070741 12.088826 38 12,106910 12.124995 12.143080 12.161165 39 12.179249 12: 197334 12-215419 12.233504 40 12.251589 12.266515 12.281440 12.296366 41 12.311292 12.326217 12.341143 12.356069 42 12.370994 12.385920 12.400846 12.415771 43 12.430696 12.435622 12.450548 12.465474 44 12.490399 12.502999 12.515599 12.528199 45 12.540799 12.553399 12.565999 12.578599 46 12.591299 12.603799 12.616399 12.628999 47 12.641599 12.654199 12.666799 12.679399 48 12.691999 12.703415 12.714831 12.726248 49 12.737664 12.748551 12.759437 12.770324 50 12.781211 12.791833 12.802454 12.813077 51 12.823699 12.834321 12.844944 12.855565 52 12.866187 12.875812 12.885438 12.895064 53 12.904690 12.914316 12.923941 12.933567 54 12.943193 12.952818 12.962444 12.972069 55 12.981695 12.991321 13.000946 13.010572 56 13.020198 13.028897 13.037596 13.046295 57 13.054994 13.063693 13.072392 13.081091 58 13.089790 13.098872 13.107955 13.117038 59 13.126124 13.134436 13.142741 13.151056 60 13.159381 13.167403 13.175424 13.183446 61 13.191467 13.199489 13.207510 13.215532 62 13.223554 13.231575 13.239597 13.247618 63 13.255640 13.263661 13.271683 13.279705 64 13.287726 13.295256 13.302785 13.310315 65 13.317845 13.325375 13.332904 13.340434 66 13.347964 13.355494 13.363023 13.370553 67 13.378083 13.385613 13.393142 13.400672 68 13.408202 13.415379 13.422556 13.429733 69 13.436910 13.444087 13.451264 13.458441 70 13.465618 13.472795 13.479972 13.487149 71 13.494326 13.501503 13.508680 13.515857 72 13.523034 13.529963 13.536892 13.543822 73 13.550751 13.557680 13.564609 13.571539 74 13.578468 13.585398 13.592327 13.599256 75 13.606185 13.613114 13.619043 13.625972 76 13.633902 13.640662 13.647423 13.654183 77 13.660944 13.667765 13.674465 13.681225 78 13.687985 13.694745 13.701506 13.708266 79 13.715027 13.721788 13.728548 13.735309 80 13.742069 13.748721 13.755373 13.762025 81 13.768676 13.775327 13.781979 13.788631 82 13.795282 13.801934 13.808586 13.815238 83 13.821889 13.828541 13.835192 13.841843 84 13.848495 13.855084 13.861673 13.868263 85 13.874852 13.881441 13.888030 13.894620 86 13.901208 13.907797 13.914386 13.920976 87 13.927565 13.934154 13.940743 13.947333 88 13.953922 13.960484 13.967046 13.973608 89 13.980170 13.986732 13.993294 13.999856 90 14.006418 14.012980 14.019542 14.026104 91 14.032667 14.039229 14.045791 14.052353 92 14.058915 14.065467 14.072019 14.078571 93 14.085123 14.091675 14.098227 14.104779 94 14.111331 14.117883 14.124435 14.130987 95 14.137540 14.144092 14.150644 14.157196 96 14.163748 14.170342 14.176936 14.183530 97 14.190124 14.196718 14.203312 14.209906 98 14.216500 14.223094 14.229688 14.236282 99 14.242876 14.249470 14.256064 14.262658 100 14.269252 FINIS.