APPENDIX 243 



R Expectation or capital value of the sum of payments 



constituting a rental. 

 5 Sale value of lumber or of logs. Value of soil. 



S c Cost of soil and of permanent improvements. 



5 S Sale value of soil. 



S v Expectation or capital value of forest soil. 

 T p , T q , T r Net income from sale of thinnings in years />, 

 q and r. 



V Value of a single sum. 



FQ Value of sum at beginning of period. 



V a Future value in year a of the sum of items of income 

 and expense on a crop of timber. 



V n Value of a single sum at end of a period of w years. 



V r Future value of the sum of payments constituting a 

 rental. 



W Final, wrecking or residual value of assets in logging 

 or milling, after writing off total depreciation. 



X Annual sum required to be written off for depreciation. 



Y Sale value, or appraised value, of timber stumpage. 



Y f Sale value, or appraised value, of timber stumpage, 

 resulting from fire or other damage. 



Y m Stumpage value of 1000 board feet of manufactured 

 lumber, used as basis to determine Y. 



Z Annual sum which combines income or profit on in- 

 vested capital with depreciation, the sum constitut- 

 ing one of a series of equal annual payments. 



SUMMARY OF FORMULAE IN FOREST VALUATION 



COSTS 



Cost of a single even-aged stand of timber. 



INDEX ART. 

 LETTER 



G c =(C + 5 c + )i.o/> n -(5 c + ) .... A 105 

 G c = (C + S c + E)i.o/>"+C d (i.o/O+C e (i.o^-') 

 + C/i .o/>-') - T p (i .o^-") - r,(i .o#-) 



-T r (i.op n ~ r } - (Sc+E) A! 105 



Cost of a forest, including timber and soil, for year a. 



F C = (C + S C + E)i,op a - E A 2 105 



