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Ebook Mathematical Interest Theory (Mathematical Association of America Textbooks)

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Mathematical Interest Theory (Mathematical Association of America Textbooks)

Ebook Mathematical Interest Theory (Mathematical Association of America Textbooks)

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Review

This is an excellent book on interest theory, one of the four book recognized by the Society of Actuaries and Casualty Acruarial Society as a basis of study for the interest theory component of their joint FInancial Mathematics (FM) exam. What I particularly like about Mathematical Interest Theory is that many problems are intrinsically multi-stepped requiring use of several core functions. By providing a multitude of superior problems, the authors are able to familiarize the student not only with core actuarial function, but also develop their skills in studying the interaction between these functions and real-world problems. --Russell Jay Hendel, UMAP JournalStudents pursuing an actuarial career as well as those seeking a mathematically based finances course stand to benefit from this informative, up-to-date, and above all, skillfully written treatise. Instructors and students of interest theory owe Daniel and Vaaler a debt of gratitude for their fine efforts. --Susan Staples, Texas Christian University

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Book Description

Mathematical Interest Theory gives an introduction to how investments vary over time, and this book provides a solid foundation for readers embarking on actuarial careers. It is among the recommended reading options for the Society of Actuaries/Casualty Actuarial Society FM/2 exam.

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Product details

Series: Mathematical Association of America Textbooks

Hardcover: 494 pages

Publisher: American Mathematical Society; 2 edition (February 19, 2009)

Language: English

ISBN-10: 0883857545

ISBN-13: 978-0883857540

Product Dimensions:

6.7 x 1.1 x 9.7 inches

Shipping Weight: 1.6 pounds (View shipping rates and policies)

Average Customer Review:

3.8 out of 5 stars

26 customer reviews

Amazon Best Sellers Rank:

#555,078 in Books (See Top 100 in Books)

The book has a lot of formulas, which can be overwhelming, but it outlines them and highlights them nicely (for the most part). The most crippling part for this book, however, is the practice problems and accompanying student solutions manual. There are a plethora of problems that are done incorrectly or have typos that my professor constantly has to send us corrections or not assign problems to us because of this. It is also very frustrating as a student trying to understand a problem and not being able to see how it is done because it is either wrong or the manual just shows the answer, with the initial formula, but does not show any plugging in of variables.

Great book

Clear explanations with examples. The math is easy to understand. Sufficient number of exercises which follow the text. The student manual is worthwhile also.

So I've been using this book + solutions manual to study for the FM/2 actuary exam, and while I think the book itself is fine, this solutions manual is horrible. Only having solutions to half the answers is just lazy in my opinion, but the real kicker is the fact that there are "equations" in the solutions manual that are flat out wrong. Like, the right hand side of the "equation" does not actually equal what's on the left hand side. It makes using this solutions manual extremely frustrating because now I have to second guess everything, double check their answers, and even then I'll never really know what the correct solution is. Don't use this book.

Good.

I bought this book because it is required for my class. The examples in this book are decent and it does an ok job explaining how things happen, however, even my professor(an actuary with 9 exams completed) even says the book doesn't do a good job explaining interest or how to calculate it. The problems that we are suppose to workout are terrible as they have thrown in curve balls. I can understand the reason behind it, but it goes from showing examples that are very straight forwards to trick questions with no build up in between. It makes learning the material very difficult and may even deter individuals from doing the fm exam.I've talked it over with my professor and he agrees with me and is looking into other books that are better. I do not recommend this book. This book may be simple for those that have passed fm and fully understand interest, but if you do not know how to calculate interest, bonds face/present value, and are able to remember how to calculate annuity due and immediate by memory, skip this book!

This was the first book that I bought to learn the material for the FM actuarial exam. I am a self-study student, learning this material without the benefit of tutorials or professors. These are my concerns:1) The examples are not basic enough. In a good textbook, the first few examples for any concept should be straightforward calculations, directly using the equations. Instead, many introductory examples contain curveballs that are appropriate only AFTER the basic calculation examples are presented.2) The solutions in the back of the book and solutions in the manual include only odd-numbered problems. This means that even for the easy questions #2 or #4 in a problem set for a section, there is no way to check your work to see why your answer is so close, but not quite right. VERY frustrating for self-study.3) That being said, the book is presented very rigorously - sometimes too rigorously. Again, having formal proofs and definitions are nice, but they're not conducive to letting students form intuitive understandings that they can later flesh out with details. Anyone using this book is forced to have to either memorize the derivations, or find their own intuitive explanations for how formulas work. Some of the proofs and derivations themselves are too formalistic - what takes up a whole page of symbols and variables could be easily explained verbally and in algebra in a couples of lines. The most egregious examples are the proofs for formulas for arithmetically growing annuities and criterion for full immunization of cash flows.Overall - This should NOT be the first textbook you buy - use this ONLY as a supplement to Broverman's book published by Actex.

Great book to teach from..

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