Saturday, July 6, 2019

The Mathematics of Money: Math for Business and Personal Finance Decisions

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“Money is the root of all evil”—so the old adage goes. Whether we agree with that sentiment or not, we have to admit that if money is an evil, it is a necessary one. Love it or hate it, money plays a central role in the world and in our lives, both professional and personal. We all have to earn livings and pay bills, and to accomplish our goals, whatever they may be, reality requires us to manage the financing of those goals.

Sadly, though, financial matters are often poorly understood, and many otherwise promising ventures fail as a result of financial misunderstandings or misjudgments. A talented chef can open an outstanding restaurant, first rate in every way, only to see the doors closed as a result of financial shortcomings. An inventor with a terrific new product can nonetheless fail to bring it to market because of inadequate financing. An entrepreneur with an outstanding vision for a business can still fail to profit from it if savvier competition captures the same market with an inferior product but better management of the dollars and cents. And, on a more personal level, statistics continually show that “financial problems” are one of the most commonly cited causes of divorce in the United States.

Of course nothing in this book can guarantee you a top-rated restaurant, world-changing new product, successful business, or happy marriage. Yet, it is true that a reasonable understanding of money matters can certainly be a big help in achieving whatever it is you want to achieve in this life. It is also true that mathematics is a tool essential to this understanding. The goal of this book is to equip you with a solid understanding of the basic mathematical skills necessary to navigate the world of money.

1. Simple Interest
2. Simple Discount
3. Compound Interest
4. Annuities
5. Spreadsheets
6. Investments
7. Retirement Plans
8. Mathematics of Pricing
9. Taxes
10. Consumer Mathematics
11. International Business
12. Financial Statements
13. Insurance and Risk Management
14. Evaluating Projected Cash Flows
15. Payroll and Inventory
16. Business Statistics
A. Answers to Odd-Numbered Exercises
B. The Metric System

Author Details
"Timothy Biehler" is an Assistant Professor at Finger Lakes Community College, where he has been teaching full time since 1999. He is a 2005 recipient of the State University of New York Chancellor’s Award for Excellence in Teaching. Before joining the faculty at FLCC, he taught as an adjunct professor at Lemoyne College, SUNY–Morrisville, Columbia College, and Cayuga Community College.

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