Abstract
This chapter discusses the preparation of concepts of growth and discount for examinations. The converse concept of putting by the discounted value to meet a fixed future liability must also be thoroughly mastered. A certain payment that has been made in the past would have grown to more if it had been paid earlier or less if it had been paid later. The four possibilities applied to the four foundations provide all the techniques required for valuing securities and producing the required values of capital redemption policies. It is the methods and concepts that are more important than merely memorizing the results by themselves, although it is perhaps legitimate.
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