Download The Theory of Interest, 2nd Edition

Download The Theory of Interest, 2nd Edition

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The Theory of Interest, 2nd Edition

Download The Theory of Interest, 2nd Edition

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Product details

Hardcover: 448 pages

Publisher: Richard D. Irwin; 2nd edition (May 1, 1991)

Language: English

ISBN-10: 0256091501

ISBN-13: 978-0256091502

Product Dimensions:

6 x 0.9 x 9 inches

Shipping Weight: 1.6 pounds

Average Customer Review:

3.5 out of 5 stars

34 customer reviews

Amazon Best Sellers Rank:

#1,267,821 in Books (See Top 100 in Books)

This book is highly mediocre, at best. I am a mathematician, and have no complaints about the mathematics in the book. The theory presented within is mathematically sound. However, the presentation was found wanting. To give just a few examples of why this book does a poor job of teaching the concepts:Lack of motivation. Every topic should start with some sort of motivating example. Given that the theory of interest has myriad applications, I find it difficult to understand why the author chose not to use a single example of why a particular topic is relevant to the real world.Chapter 1 starts off (section 1.2; the intro was section 1.1) with the accumulation function. We don't even see an example of the simplest kind of interest (i.e. simple interest) until section 1.4! The chapter _should_ have started with some examples of interest (simple interest, maybe even annual interest for a simple exponential model) to build the reader's intuition. With this already laid out, introducing the accumulation function becomes very natural.2. The author introduces terms that "is not intuitively clear" (e.g. "effective" on page 5 -- a bit too early?). This should _not_ ever happen in any textbook whose goal is to teach! Had the author actually presented a few examples (using different periods such as a year vs. a month), "effective" could easily be explained by a need to have some way to do an apples-to-apples (i.e. yearly) comparison of different interest models.Sometimes the mathematical explanations could have been made simpler. For example, on page 11, the author uses linear interpolation between two values (1+i)^n and (1+i)^(n+1). The formula he uses is (1-k)(1+i)^n + k(1+i)^(n+1) with 0

The author does not work out the examples in the conceptual way related to the chapter. When working out examples, the author uses shortcuts to get to his solution with little to no explanation of how the author got the answer, let alone explain the equation of value. Shortcuts and tricks don't make up for good examples. The same exact thing occurs with the solutions manual online. The solutions are not intuitive and are just unexplained shortcuts.

A number of aspiring actuaries who attempt to pass the second exam (Exam FM: Financial Math) attempt to side step the reading of this over priced textbook and substitute it with study aides and other cram books. I would recommend that they refrain from doing so as this text is lucid, the exercises are quite comprehensive, and above all, the occasional examples are rather identical to the problems one can anticipate on the test. I took Exam FM recently and this is the only text i refered to, and i felt that my preparation was rather complete thanks to a reading of the syllabus material. The book flows like water, though chapter 4 (section 4.4) and chapter 5 might be a bit tedious to read because of the complication in the material presented, thankfully that second rarely contributes substantially to the test. in fact, after chapter 3, chapter 4 (sections 4.1-4.3), it is best to jump to chapter 5, 6, 7, and then 9. Once this study is complete, the material presented in section 4.4 and chapter 5 and sections 8.7, 8.8, 8.10 must be examined to maintain fluidity of the material.the only reason i give the book 4 stars instead of 5 is due to its price which is rather high.

I took a class where this book was used and this book taught me everything I know about financial math. The teacher was very unclear but this book was super helpful & definitly helped me.

Getting a hardback book at the paperback book price was great!Getting a copy that was in good versus new condition was ok as it dropped the price and notes in the margin helped me understand the material.

This guide is worthless. It provides only textbook definitions for each chapter (why not include the formulas in an easy to access place?), and frequently the words and definitions provided have no relevance to the chapter they're included under. I later discovered that the guide is for the 2nd edition of the textbook, which is currently on the third. This would have been nice to know because it's not listed anywhere on the description (at least as of writing this review). Save your money... I wish I had!

Great book

I can't see what most people are complaining about, I found this book very easy to read. Good explanations, plenty of worked out examples, and a variety of exercises make it a good investment for preparing for Exam FM. If you are going to get the ASM manual then you probably won't need this, but I like having the reference to read. I found it very useful in helping me pass FM.

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The Theory of Interest, 2nd Edition PDF

The Theory of Interest, 2nd Edition PDF

The Theory of Interest, 2nd Edition PDF

The Theory of Interest, 2nd Edition PDF

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