By David Lovelock
This is an undergraduate textbook at the easy points of non-public discount rates and making an investment with a balanced mixture of mathematical rigor and fiscal instinct. It makes use of regimen monetary calculations because the motivation and foundation for instruments of ordinary actual research instead of taking the latter as given. Proofs utilizing induction, recurrence relatives and proofs via contradiction are coated. Inequalities akin to the Arithmetic-Geometric suggest Inequality and the Cauchy-Schwarz Inequality are used. easy subject matters in likelihood and data are offered. the coed is brought to parts of saving and making an investment which are of life-long sensible use. those contain rate reductions and checking money owed, certificate of deposit, scholar loans, charge cards, mortgages, trading bonds, and purchasing and promoting stocks.
The e-book is self contained and obtainable. The authors stick to a scientific trend for every bankruptcy together with a number of examples and routines making sure that the coed offers with realities, instead of theoretical idealizations. it's compatible for classes in arithmetic, making an investment, banking, monetary engineering, and comparable topics.
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Additional resources for An Introduction to the Mathematics of Money: Saving and Investing
An initial amount of $10,000 is invested for 2 years at successive annual interest rates of 10% and 9% compounded annually. Do you think the future value of this investment is diﬀerent from the future value of $10,000 invested for 2 years at successive annual interest rates of 9% and 10% compounded annually? Justify your answer. 13. If the EFF of an investment is 8%, then what is the nominal interest rate, if interest is compounded monthly? 14. The National Association of Investors Corporation (NAIC) encourages its members to use a special form (the Stock Selection Guide) to analyze stocks.
10,400. 24. Hugh Kendrick is considering three diﬀerent investments: (a) One paying 7% compounded quarterly. 1% compounded annually. 9% compounded continuously. Which has the highest IRR? 25. Tom Kendrick is considering two investments with cash ﬂows Years Cash Flow 0 −$13,000 1 $5,000 2 $6,000 3 . $7,000 What is the IRR? Give an explanation of these cash ﬂows in terms of everyday experiences, starting with “If I borrow . 26. Show that P0 (1 + x)n is an increasing, concave up function of x. (See p.
71, although not necessarily in that order. 51. Without using a calculator, match the monthly payments with the loans. 23. Find the IRR of a three-year investment of $10,000 that returns the following amounts at the end of each of the three years. What do you conclude? (a) $400, (b) $500, (c) $600, (d) $600, $500, $600, $400, $500, $10,600. $10,400. $10,500. $10,400. 24. Hugh Kendrick is considering three diﬀerent investments: (a) One paying 7% compounded quarterly. 1% compounded annually. 9% compounded continuously.