Theory of Interest. Bonds. Discrete Probability for Finance. Portfolio Theory. Valuation of Derivatives. Appendix: Answers to Selected Exercises. Bibliography. Index.
Kevin Hastings is Professor of Mathematics; Rothwell C. Stephens Distinguished Service Chair at Knox College. He holds a Ph.D. from Northwestern University. His interests include applications to real-world problems affected by random inputs or disturbances. He is the author or three other books for CRC Press:
Introduction to Probability with Mathematica, 2nd ed., Chapman & Hall/CRC Press, 2009.
Introduction to the Mathematics of Operations Research with Mathematica, 2nd edition, Taylor & Francis/Marcel Dekker, 2006.
Introduction to Probability with Mathematica. CRC Press/Chapman & Hall, November, 2000. Also issued electronically.
Hastings (mathematics, Knox College) perceived a need for an
introductory text to financial mathematics, and the result is an
excellent book that superbly fits that niche. This clearly written
work serves as a bridge to more advanced texts, such as the second
edition of Capiński and Zastawniak's Mathematics for Finance: An
Introduction to Financial Engineering (CH, Jun'11, 48-5740). In
addition to its clear explanations, this volume emphasizes real
problem solving with examples and exercises that challenge students
to apply knowledge of basic concepts to new situations. Another
unique aspect is the application of discrete probability to
finance; the author provides an overview and illustrates problems
in which the rates of interest are random variables, instead of
traditional problems that consider only known constants. Topics
covered include the mathematics of interest, valuation of bonds,
discrete probability for finance, portfolio selection, and
derivatives. Though the problems in this book can be solved with an
advanced calculator, the author suggests using a computational
platform, such as Mathematica. There is an electronic version of
this text, which can be obtained as a Mathematica notebook. This
book is highly recommended for undergraduates and those preparing
for actuarial credentialing and exams.
--S. J. Chapman Jr., Purdue University NorthWest
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