in Scots Law. See LAW, No clxix.
1—3.
the law of England, has two significations; the one of which is an estate left, which continues during a particular estate in being; and the other is the returning of the land, &c. after the particular estate is ended; and it is further said to be an interest in lands, when the possession of it fails, or where the estate which was for a time parted with, returns to the granters, or their heirs. But, according to the usual definition of a reversion, it is the residue of an estate left in the grantor, after a particular estate granted away ceases, continuing in the grantor of such an estate.
The difference between a remainder and a reversion consists in this, that the remainder may belong to any man except the grantor; whereas the reversion returns to him who conveyed the lands, &c.
In order to render the doctrine of reversions easy, we shall give the following table; which shows the present value of one pound, to be received at the end of any number Reversion. number of years not exceeding 40; discounting at the rate of 3, 4, and 3 per cent. compound interest.
| Year | Value at 5 per ct. | Value at 4 per ct. | Value at 3 per ct. | |------|------------------|------------------|------------------| | 1 | .9524 | .9615 | .9709 | | 2 | .9070 | .9245 | .9426 | | 3 | .8638 | .8868 | .9151 | | 4 | .8227 | .8548 | .8885 | | 5 | .7835 | .8219 | .8626 | | 6 | .7462 | .7993 | .8375 | | 7 | .7107 | .7599 | .8131 | | 8 | .6768 | .7307 | .7894 | | 9 | .6446 | .7026 | .7664 | | 10 | .6139 | .6756 | .7441 | | 11 | .5847 | .6496 | .7224 | | 12 | .5568 | .6246 | .7014 | | 13 | .5303 | .6006 | .6809 | | 14 | .5051 | .5775 | .6611 | | 15 | .4810 | .5553 | .6419 | | 16 | .4581 | .5339 | .6232 | | 17 | .4363 | .5134 | .6050 | | 18 | .4155 | .4936 | .5874 | | 19 | .3957 | .4746 | .5703 | | 20 | .3769 | .4564 | .5537 | | 21 | .3589 | .4388 | .5375 | | 22 | .3418 | .4219 | .5219 | | 23 | .3255 | .4057 | .5067 | | 24 | .3100 | .3901 | .4919 | | 25 | .2953 | .3757 | .4776 | | 26 | .2812 | .3607 | .4637 | | 27 | .2678 | .3468 | .4502 | | 28 | .2551 | .3335 | .4371 | | 29 | .2429 | .3206 | .4243 | | 30 | .2314 | .3083 | .4120 | | 31 | .2204 | .2965 | .4000 | | 32 | .2099 | .2851 | .3888 | | 33 | .1999 | .2741 | .3770 | | 34 | .1903 | .2636 | .3660 | | 35 | .1813 | .2534 | .3554 | | 36 | .1726 | .2437 | .3450 | | 37 | .1644 | .2343 | .3350 | | 38 | .1566 | .2253 | .3252 | | 39 | .1491 | .2166 | .3158 | | 40 | .1420 | .2083 | .3066 |
The use of the preceding table.—To find the present value of any sum to be received at the end of a given term of years, discounting at the rate of 3, 4, or 5 per cent. compound interest. Find by the above table the present value of £1. to be received at the end of the given term; which multiply by the number of pounds proposed, (cutting off four figures from the product on account of the decimals), then the result will be the value sought: For example, the present value of £1,000.
REVIVIFICATION, in Algebra, a kind of reversed operation of an infinite series. See SERIES.