Mathematics of interest rates, insurance, social security, and pensions

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Title:

Personal Author:

Muksian, Robert

Publication Information:

Upper Saddle River, N.J. : Prentice Hall/Pearson Education, 2003

ISBN:

9780130094254

Subject Term:

Interest rates -- Mathematical models

Insurance -- Mathematical models

Pensions -- Mathematical models

Mathematics

Available:*

Library	Item Barcode	Call Number	Material Type	Item Category 1	Status
Searching... PSZ JB	30000010018852	HG1621 M85 2003	Open Access Book	Book	Searching... Unknown

Intending his textbook as a mathematical adjunct to such business topics as accounting, finance, management, marketing services, computer information systems, and economics, Muksian (mathematics, Bryant College) presents 11 chapters demonstrating the mathematics of simple interest and discount, prac

Preface	p. xi
Chapter 1 Simple Interest and Discount	p. 1
1.1 Simple Interest	p. 1
1.2 Future Value and Present Value	p. 6
1.3 Bank Discount	p. 14
Chapter 2 Practical Applications Using Simple Interest	p. 22
2.1 Equations of Value	p. 22
2.2 Add-On Interest and Approximate True Interest Rate	p. 30
2.3 Short-Term Investment Rate of Interest	p. 37
Chapter 3 Compound Interest	p. 43
3.1 Compounding Frequency and Periodic Interest Rate	p. 44
3.2 Future and Present Values	p. 46
3.3 Discount at Compound Interest	p. 56
Chapter 4 Basic Annuities	p. 61
4.1 Future Amount of an Annuity and Sinking Fund	p. 61
4.2 Present Value of an Annuity and Amortization	p. 66
4.3 Annuity Due	p. 76
4.4 Practical Applications	p. 80
Chapter 5 Other Annuities	p. 88
5.1 Deferred Annuities	p. 88
5.2 General (Complex) Annuities	p. 90
5.3 Annuity in Perpetuity	p. 97
5.4 Geometrically Varying Annuities	p. 101
Chapter 6 Bond Valuation	p. 106
6.1 Price of a Bond on an Interest Payment Date	p. 108
6.2 Price of a Bond Between Interest Payment Dates	p. 113
6.3 Zero Coupon Bonds	p. 118
6.4 Duration and Volatility	p. 119
Chapter 7 Elements of Linear Programming	p. 124
7.1 The Linear Programming System	p. 124
7.2 The Linear Programming Solver	p. 131
7.3 Sensitivity and Limit Analyses	p. 137
7.4 Capital Rationing	p. 149
7.5 Working Capital Management	p. 156
Chapter 8 Breakeven Models	p. 162
8.1 Fundamental Breakeven Analysis	p. 162
8.2 Breakeven Based on Supply and Demand	p. 168
8.3 Breakeven Based on Finance	p. 174
Chapter 9 Life Insurance	p. 180
9.1 Elements of Probability	p. 181
9.2 Mortality	p. 184
9.3 Commutation Functions	p. 189
9.4 Life Annuities	p. 191
9.5 Life Insurance: Net Single Premium	p. 206
9.6 Life Insurance: Net Annual Premium	p. 212
9.7 Life Insurance Reserves	p. 217
Chapter 10 Social Security	p. 230
10.1 A Brief History of Social Security	p. 230
10.2 Determination of Benefits	p. 238
Chapter 11 Private Pensions	p. 257
11.1 A Brief History of Private Pensions	p. 257
11.2 Defined Benefit Pension Plans	p. 261
11.3 Defined Contribution Pension Plans	p. 271
11.4 Distributions from Pension Plans	p. 284
11.5 Integration with Social Security	p. 291
Appendix I Summary of Formulas	p. 292
Appendix II Tables	p. 297
Bibliography	p. 331
Answers	p. 332
Index	p. 342

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