Condensed from Inwood's Tables.

Table II is practically a compound discount table. That is, by
it can be determined the present value of a fixed sum payable at
the end of a given term of years, interest being discounted at
various given rates. Its use may be illustrated by continuing the
example preceding.

TABLE II.

Present Value of $1, or L1, payable in -- Years, Interest taken
at --%.

===================================
Years | 4% | 5% | 6% | 7%
------|------|------|------|-------
1 | .961 | .952 | .943 | .934
2 | .924 | .907 | .890 | .873
3 | .889 | .864 | .840 | .816
4 | .854 | .823 | .792 | .763
5 | .821 | .783 | .747 | .713
6 | .790 | .746 | .705 | .666
7 | .760 | .711 | .665 | .623
8 | .731 | .677 | .627 | .582
9 | .702 | .645 | .592 | .544
10 | .675 | .614 | .558 | .508
| | | |
11 | .649 | .585 | .527 | .475
12 | .625 | .557 | .497 | .444
13 | .600 | .530 | .469 | .415
14 | .577 | .505 | .442 | .388
15 | .555 | .481 | .417 | .362
16 | .534 | .458 | .394 | .339
17 | .513 | .436 | .371 | .316
18 | .494 | .415 | .350 | .296
19 | .475 | .396 | .330 | .276
20 | .456 | .377 | .311 | .258
| | | |
21 | .439 | .359 | .294 | .241
22 | .422 | .342 | .277 | .266
23 | .406 | .325 | .262 | .211
24 | .390 | .310 | .247 | .197
25 | .375 | .295 | .233 | .184
26 | .361 | .281 | .220 | .172
27 | .347 | .268 | .207 | .161
28 | .333 | .255 | .196 | .150
29 | .321 | .243 | .184 | .140
30 | .308 | .231 | .174 | .131
| | | |
31 | .296 | .220 | .164 | .123
32 | .285 | .210 | .155 | .115
33 | .274 | .200 | .146 | .107
34 | .263 | .190 | .138 | .100
35 | .253 | .181 | .130 | .094
36 | .244 | .172 | .123 | .087
37 | .234 | .164 | .116 | .082
38 | .225 | .156 | .109 | .076
39 | .216 | .149 | .103 | .071
40 | .208 | .142 | .097 | .067
===================================
Condensed from Inwood's Tables.

If such a mine is not equipped, and it is assumed that $200,000
are required to equip the mine, and that two years are required
for this equipment, the value of the ore in sight is still less,
because of the further loss of interest in delay and the cost of
equipment. In this case the present value of $1,304,000 in two
years, interest at 7%, the factor is .87 X 1,304,000 = $1,134,480.
From this comes off the cos