In the more comprehensive meaning Of the term, actuarial science includes an expert knowl edge Of the principles of compound interest as well as the laws Of insurance probabilities. Pub lic accountants, however, are usually interested only in the interest phases of actuarial science, leaving the application Of the laws of insurance probabilities to the actuary, who ascertains the measurement of risks and establishes tables of rates. This discussion of actuarial science will, therefore, be -restricted to the phases thereof which deal with compound interest.