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[[preprinted]]
SMITHSONIAN INSTITUTION  826
[[/preprinted]]

[[preprinted left margin]]
MADE BY BAKER-VAWTER CO. 
[[/preprinted left margin]]

"I cannot foresee what will be the nature of these experiments beyond those stated, but their cost will increase as time goes on and will require the time of great and devoted experimenters."

Method of computing the future amount of this principal:

Initial a, rate of interest b.
1 year: a+½ab = a(1+b/2)
a(1+b/2) + ½ab(1+b/2)
2 years: a(1+b/2)(1+½b)=a(1+b/2)²
a(1+b/2)² + ½ab(1+b/2)² = a(1+b/2)²(1+1/2b)
[[strikethrough]]2[[/strikethrough]] ^[[3]] years = a(1+b/3)³ etc.


If b = .05
General:
At end of a century fund becomes
log 1.025 = .0107
^[[100]] log 1.025 = 1.07
Number corr. = 11.75

At end of one century the fund will be increased 11¾ fold if returns are 5%. And after two centuries about 130 fold, etc.

The Secretary then went on to say that the insecticide Patent previously referred to had been transferred by vote of the Regents to the Research Corporation of New York. The Corporation had conducted experiments which seem to assure its successful future as a valuable aid in agricultural work, and had lately submitted a report indicating that it would no doubt be a source of considerable revenue to the institution.

[[initialed]] CGA [[/initialed]]