| Title | Introduction to the Mathematics of Money: Saving and Investing |
| Author(s) | David Lovelock, Marilou Mendel, Arthur L. Wright |
| Publisher | Springer |
| Year | 2006 |
| Edition | 1st Edition |
| Language | English |
| Pages | 294 pages |
| ISBN | 9780387344324 |
| Genre / Domain | Mathematics, Finance, Economics |
| Series | Unknown |
| Size | 2.30 MB |
| Extension |
Summary
Introduction to the Mathematics of Money: Saving and Investing, authored by David Lovelock, Marilou Mendel, and Arthur L. Wright, is an undergraduate textbook that offers a balanced and practical introduction to the mathematical principles underlying personal finance. Published by Springer in 2006, this book stands out for its unique approach of using routine financial calculations as the motivation and basis for teaching tools of elementary real analysis, rather than presenting the mathematics as an abstract given [citation:1][citation:9]. It demystifies the mathematics of everyday financial decisions, making it accessible and immediately relevant for students.
The book systematically covers the core mathematical concepts essential for understanding saving and investing. It begins with fundamental topics such as simple and compound interest, inflation, and the impact of taxes [citation:15]. From there, it progresses to more complex subjects like annuities, loans and risk, amortization, and the mathematics of credit cards [citation:15]. The latter part of the book delves into the financial instruments themselves, providing a mathematical framework for understanding bonds, stocks and stock markets, stock pricing, risk, and options [citation:15]. Throughout, the authors employ a variety of mathematical techniques, including proofs by induction, recurrence relations, and inequalities like the Arithmetic-Geometric Mean Inequality and the Cauchy-Schwarz Inequality [citation:1][citation:9].
What distinguishes this textbook is its focus on practical, life-long skills. Students are introduced to real-world financial scenarios such as savings and checking accounts, certificates of deposit, student loans, mortgages, and the buying and selling of bonds and stocks [citation:1][citation:9]. Each chapter follows a systematic pattern that includes a variety of worked examples and exercises, ensuring that students engage with realities rather than theoretical idealizations [citation:1][citation:9]. The book also introduces basic topics in probability and statistics, providing a well-rounded foundation for making informed financial decisions [citation:9].
This book is designed for undergraduate students in courses on mathematics, investing, banking, financial engineering, and related topics [citation:1][citation:9]. It is particularly suitable for students who are interested in the practical applications of mathematics or who are pursuing careers in finance and economics. The book assumes a basic familiarity with algebra, but its self-contained and accessible structure makes it approachable for students from various disciplines [citation:1][citation:9].
As a core text in its field, Introduction to the Mathematics of Money has been praised for its clarity and practical relevance. It serves not only as a textbook but also as a valuable reference for anyone looking to understand the mathematics behind their financial future. The book's focus on both mathematical rigor and economic intuition ensures that readers gain a deep and applicable understanding of the subject [citation:1][citation:9].
Key Features
- Provides a balanced mix of mathematical rigor and economic intuition for personal finance.
- Uses routine financial calculations as the basis for teaching elementary real analysis.
- Covers essential topics including simple and compound interest, annuities, loans, and amortization.
- Explains the mathematics of credit cards, bonds, stocks, stock market indexes, pricing, and risk.
- Introduces advanced mathematical concepts such as induction, recurrence relations, and inequalities.
- Includes a chapter on options, providing a foundation for understanding derivatives.
- Features numerous examples and exercises to reinforce learning and practical application.
- Written in a self-contained and accessible style suitable for undergraduate students.
- Integrates basic topics in probability and statistics to support financial decision-making.
- Designed for courses in mathematics, investing, banking, and financial engineering [citation:1].
- Authored by respected mathematicians and educators with experience in financial mathematics.
- Published by Springer, a leading publisher in scientific and academic literature.
About the Authors
David Lovelock is a mathematician with extensive experience in teaching and research. He has contributed to the development of mathematical education, particularly in the area of financial mathematics. His work focuses on making complex mathematical concepts accessible and applicable to real-world problems.
Marilou Mendel is a mathematician and educator who has collaborated on projects to enhance mathematics education. Her research interests include the application of mathematical principles to practical problems in finance and economics.
Arthur L. Wright is a mathematician with a background in financial mathematics. He has worked on developing educational resources that bridge the gap between theoretical mathematics and practical financial applications.
Related Books
- Mathematics of Finance: An Intuitive Introduction — Donald G. Saari
- The Mathematics of Finance: Modeling and Hedging — Joseph Stampfli, Victor Goodman
- Financial Mathematics: A Comprehensive Treatment — Giuseppe Campolieti, Roman Makarov
- An Undergraduate Introduction to Financial Mathematics — J. Robert Buchanan
- Introduction to the Economics and Mathematics of Financial Markets — Jakša Cvitanić, Fernando Zapatero
- Mathematical Finance: An Introduction — Ernest P. Chan
Ads
Frequently Asked Questions
Q : What is the main focus of "Introduction to the Mathematics of Money"?
R : The book provides an undergraduate-level introduction to the mathematics of personal saving and investing. It uses real-world financial problems to teach the underlying mathematical principles and focuses on life-long practical financial skills [citation:1][citation:9].
Q : Who are the authors and what is their background?
R : The authors are David Lovelock, Marilou Mendel, and Arthur L. Wright, all of whom are mathematicians and educators with experience in financial mathematics. They have collaborated to create a self-contained and accessible textbook for students.
Q : What topics are covered in this book?
R : The book covers simple and compound interest, inflation and taxes, annuities, loans and risk, amortization, credit cards, bonds, stocks, stock market indexes, pricing and risk, and options [citation:15]. It also includes introductions to induction, recurrence relations, inequalities, and basic probability and statistics [citation:1][citation:9].
Q : Is this book suitable for someone with no prior finance knowledge?
R : Yes, the book is designed to be self-contained and accessible. It introduces financial concepts from the ground up and uses them as a basis for teaching the relevant mathematics [citation:1][citation:9].
Q : What is the mathematical level of the book?
R : The book is aimed at undergraduate students. It uses a mix of mathematical rigor and economic intuition, covering topics such as recurrence relations, inequalities, and proofs by induction [citation:1][citation:9].
Q : What is the edition and publication year of this book?
R : This is the first edition, published in 2006 by Springer [citation:1][citation:2][citation:15].
Q : Is this book useful for students in fields other than mathematics?
R : Yes, the book is suitable for courses in investing, banking, financial engineering, and related topics [citation:1][citation:9]. It is also valuable for anyone looking to understand the mathematics behind personal financial decisions.
Enregistrer un commentaire
Thanks for comment