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Mathematics Of Finance (Hardcover)
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Mathematics Of Finance (Hardcover)
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MATHEMATICS OF FINANCE By THEODORE E. RAIFORD Department of
Mathematics University of Michigan GINN AND COMPANY BOSTON NEW YORK
CHICAGO ATLANTA DALLAS COLUMBUS SAN FRANCISCO TORONTO LONDON
COPYRIGHT, 1945, BY GINN AND COMPANY ALL RIGHTS RESERVED 440.7 ttbe
fltbcnaeum rcg GINN AND COMPANY PO PUIETOHS BOSTON U. S. A. PREFACE
To the student of pure mathematics the term mathematics of finance
often seems somewhat of a misnomer since, in solving the problems
usu ally presented in textbooks under this title, the types of
mathematical operations involved are very few and very elementary.
Indeed, in a first course in the mathematics of finance the
development of the most impor tant formulas usually involves no
greater difficulties than those encountered in the study of
geometric progressions. Whether it is because of this seeming
simplicity or because of a tendency to limit the problems to the
very simplest kinds, the usual presentation has shown a decided
lack of generality and flexibility in many of the formulas and
their applications. Since no new mathematical principles are
involved, a student who can develop and understand the simpler
appearing formulas should be able to develop easily the more
general for mulas, which are much more useful. And no student
should use important formulas whose derivation and meaning, and
hence possibilities and limi tations, he does not understand. There
is a marked preference in many places in mathematics for presenting
general definitions and formulas first, with the special cases
following naturally from them. Tn trigonometry, for instance, the
main importance of the trigonometric functions of an angle is
emphasized by presenting first the generaldefinitions of these
functions then the defi nitions of the functions of an acute angle
in terms of the elements of a right triangle follow naturally as
special cases. Up to the present time, textbooks in the mathematics
of finance have not followed this plan of presentation. The
foregoing considerations, plus years of experience in teaching the
subject, sometimes with the more general formulas presented first
and sometimes with the limited formulas presented first, have
caused the author to feel the need of such a presentation as is
attempted here. As everyone in this field of work is aware, the
major problem is the thorough under standing of annuities and
complete facility in their evaluation. The late Professor Glover,
whose valuable and comprehensive tables for use in problems in the
field of finance are well known, often remarked that few teachers
of the subject realize the power and facility to be gained from a
thorough appreciation of the double superscript notation in annuity
formulas. The method of presentation emphasizes the point that very
few funda mental formulas are necessary for handling financial
problems if these formulas are thoroughly understood and
appreciated. Mathematical forms are of inestimable value, as
evidenced by their use in solving ordinary Tables of Applied
Mathematics in Finance, Insurance, and Statistics, by James W.
Glover. George Wahr, Ann Arbor, Michigan. iii PREFACE quadratic
equations, in performing integration in the calculus, in
classifying differential equations for solution, in handling many
problems connected with infinite series, and in numerous other
places familiar only to the accomplished mathematician. Moreover,
these forms, if thoroughlymastered, far from reducing the subject
to a mere substituting in for mulas, reduce the laborious detail
that is necessary without them and bring to the subject much
significance and effectiveness otherwise unap preciated. Any method
of presentation is likely to involve a choice of forms, and usually
it is possible to make choices which will emphasize the
fundamentals. It is the authors experience that the method of
presentation in this text does contribute to an understanding of
these fundamentals...
General
Imprint: |
Read Books
|
Country of origin: |
United Kingdom |
Release date: |
November 2008 |
First published: |
November 2008 |
Authors: |
Raiford Theodore
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Dimensions: |
216 x 140 x 31mm (L x W x T) |
Format: |
Hardcover - Laminated cover
|
Pages: |
496 |
ISBN-13: |
978-1-4437-2529-3 |
Categories: |
Books >
Science & Mathematics >
Mathematics >
General
Promotions
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LSN: |
1-4437-2529-3 |
Barcode: |
9781443725293 |
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