By Robert Zipf

An creation to universal fastened source of revenue tools and arithmetic, fastened source of revenue arithmetic bargains reasons, routines, and examples with out challenging subtle arithmetic. the writer makes use of his huge company and educating adventure to focus on the basics of funding and administration decision-making to supply key questions and routines that recommend the applicability of fastened source of revenue arithmetic. Written for readers with a basic arithmetic historical past and suffused with overseas examples, this self-teaching e-book is a perfect convenient reference consultant. fastened source of revenue arithmetic is your gateway to monetary arithmetic and elevated competence in enterprise research.

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**Extra info for Fixed Income Mathematics**

**Example text**

He proposes that you forego use during the ﬁrst summer. During the second summer, he will let you use the cottage for 5 weeks, as follows: Looking at the Compound Interest Tables 23 2 weeks: Your planned use for the second summer 2 weeks: Your planned use for ﬁrst summer, postponed to the second summer 1 week : Your compensation for not using the cottage during the ﬁrst summer You have earned an extra week of use, based on not using your week during the ﬁrst summer; you have “invested” the 2 weeks for 1 year and “earned” an extra week of use.

64 earned during the second year on the interest paid during the ﬁrst year is called “interest on interest,” and is the result of compounding. If simple interest were used, the result would be only 116. 64 doesn’t look like much. Actually, over a period of years, interest on interest can amount to a large sum. In fact, given enough time, there is no limit on how much it can amount to. 3 where i = annual interest rate, expressed as a decimal, and t = the number of years (or periods) you left the amount on deposit.

Only you, or your boss, can decide that. The job you are doing will determine what you need for requirements. Many calculators and computer programs automatically stop after a while. In these cases, the calculator manufacturer or computer programmer has already built in a stopping point. You might be able to change it, but it probably is not worth doing so. To compute an approximation for the square root of 17, we start with 1 squared = 1, less than 17, so 2 3 4 5 squared = 4, less than 17, so squared = 9, and squared = 16, and squared = 25 Now we have our ﬁrst interval, (4, 5).