In L'Arithmetique, written in 1558, Jean Trenchant posed the following question:
"In the year 1555, King Henry, to conduct the war, took money from bankers at the rate of 4% per fair [quarter]. That is better terms for them than 16% per year. In this same year before the fair of Toussaints, he received by the hands of certain bankers the sum of 3,945,941 ecus and more, which they called ‘Le Grand Party' on the condition that he will pay interest at 5% per fair for 41 fairs after which he will be finished.
Which of these conditions is better for the bankers?"
Translated, the question is whether a perpetuity at 4% per quarter is better or worse than a 41-quarter annuity at 5%.