Tables for the Purchasing of Estates, Freehold, Copyhold, or Leasehold, Annuities, &c, a work based on the tables of
Baily and Smart, first published in 1811 and frequently revised and reprinted.
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In "The Appraisal of Real Estate" published by the American Institute of Real Estate Appraisers, 1983, 2nd edition, page 345:
In 1811, William Inwood published tables that had originally appeared in the works of others, including those of John Smart. Of particular significance to appraisers was Inwood's use of real estate valuation examples to illustrate the use of of Smart's tables. Included in Inwood's book was a present value of an income in perpetuity table, which seems to be the first example of an author converting an interest rate into a coefficient.....
In 1890, Alfred Marshall became the first economist to give significant attention to valuation techniques. He pointed out that interest rate is the link between income and value and thus arrived at the formula,
(wait for it) Value = Income / Interest rate
You don't find this stuff on the internet, just dusty old books.