By Janet Gleeson

Relates how Scottish mathematical genius, playboy, and gambler John legislations invented paper cash, a production that just about destroyed the French financial system and that remodeled the realm of finance and banking.

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5% per year with monthly compounding. The amounts of the investment under both schemes after one year are shown below. 045 )12 (Observe that the 12 principal cancels. 542% per year. 542%, go, go, go with bank B. 655% per year. 5. Here, the known rate is entered in A7 (if compounding is discrete) or as rateC in A15 (if compounding is continuous). The known number of (discrete) compounding periods per year (comp) is entered in B7. To find the 51 A foundation equivalent rate, enter the number of compounding periods (for a discrete, equivalent rate) in D7 or in D15.

But now, write the fraction 100 (Interest rates are usually given as percentages; for calculation purposes, we usually work with the decimal form. 065 is often called a multiplying factor. 0652 (No interest and no other cash is withdrawn and no cash is paid in. 0653 The pattern is now established. 37 This is such a fundamental result that we state it formally. 40 Financial Products £P is invested at r% per year, compounded annually, for T years. Assuming that all the interest is immediately reinvested and that no other cash is paid in or withdrawn, r T ) after T years, the amount of the investment will be P (1 + 100 r or: if the annual rate is R = 100 : Amount after T years = P (1 + R)T Interest = P (1 + R)T − P ∗∗ The calculation is identical if the money is being borrowed.

In the US, the Federal Reserve Board, through the Federal Open Market Committee, sets the Discount Rate at which commercial banks can borrow money from Federal Reserve Board banks. A loan from both the Bank of England and the Federal Reserve Board to a commercial bank is regarded as safe: the interest payments will be made and the capital will be repaid. Hence, there is no additional premium in these interest rates to cover the cost of default. The Official Dealing Rate (in England) and the Discount Rate (in the US) represent a ‘minimum’ national interest rate.