Miscellanea Curiosa, Vol. 1: Containing a collection of some of the principal phaenomena in nature, accounted for by the greatest philosophers of this age
History
Miscellanea Curiosa, Vol. 1: Containing a collection of some of the principal phaenomena in nature, accounted for by the greatest philosophers of this age
Natural history; Science -- Early works to 1800; Voyages and travels -- Early works to 1800
those that the elder survives the younger. I have been the more
particular, and perhaps tedious, in this Matter, because it is the Key
to the Case of Three Lives, which of it self would not have been so
easie to comprehend.
VII. If Three Lives are proposed, to find the Value of an Annuity during
the continuance of any of those three Lives; the Rule is, _As the
Product of the continual Multiplication of the Three Numbers, in the
Table, answering to the Ages proposed, is to the difference of that
Product, and of the Product of the Three Numbers of the Deceased of
those Ages, in any given Term of Years: So is the present Value of a Sum
of Money, to be paid certainly after so many Years, to the present Value
of the same Sum to be paid, provided one of those Three Persons be
living at the Expiration of that Term._ Which Proportion being yearly
repeated, the Sum of all those present Values will be the Value of an
Annuity granted for three such Lives. But to explain this, together with
all the Cases of Survivance in Three Lives: Let _N_ be the Number in the
Table for the younger Age, _n_ for the second, and ν for the elder
Age; let _Y_ be those dead of the younger Age in the Term proposed, _y_
those dead of the second Age, and υ those of the elder Age; and let
_R_ be the Remainder of the younger Age, _r_ that of the middle Age, and
ρ the Remainder of the elder Age. Then shall _R + Y_ be equal to _N_,
_r + y_ to _n_, and ρ + υ to ν, and the continual Product of the
three Numbers _N_, _n_, ν, shall be equal to the continual Product of
_R + Y × r + y × ρ + υ_, which being the whole Number of Chances for
three Lives, is compounded of the eight Products following. (1) _Rrρ_,
which is the Number of Chances that all three of the Persons are living.
(2) _rρY_, which is the Number of Chances that the two elder Persons
are living, and the younger dead. (3) _Rρy_ the Number of Chances that
the middle Age is dead, and the younger and elder living. (4) _Rrυ_
being the Chances that the two younger are living, and the elder dead.
(5) _ρYy_ the Chances that the two younger are dead, and the elder
living. (6) _rYυ_ the Chances that the younger and elder are dead, and
the middle Age living. (7) _Ryυ_, which are the Chances that the
younger is living, and the two other dead. And Lastly and Eighthly,
_Yyυ_, which are the Chances that all three are dead. Which latter
subtracted from the whole Number of Chances _Nnν_, leaves _Nnν -
Yyυ_ the Sum of all the other seven Products; in all of which one or
more of the three Persons are surviving.
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