A farmer sold a team of horses for $440, but did not receive his pay for them until 1 yr, 8 mo after the sale. He had at the same time another offer of $410 for them. Did he gain or lose by the sale and by how much, money being worth 6%/yr?
Title page of Jacob Bernoulli's Ars Conjectandi (The Art of Conjecturing), published posthumously in 1713 by his nephew Nicolaus I Bernoulli. The Ars Conjectandi is famous for Bernoulli's statement of a general rule for summing integral powers as well as for the first statement and proof of the Law of Large Numbers.