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Pte. Ltd.  \n5 Toh Tuck Link, Singapore 596224  \nUSA office: 27 Warren Street, Suite 401-402, Hackensack, NJ 07601  \nUK office: 57 Shelton Street, Covent Garden, London WC2H 9HE  \nBritish Library Cataloguing-in-Publication Data  \nA catalogue record for this book is available from the British Library.  \nFINANCIAL MATHEMATICS FOR ACTUARIES  \nSecond Edition  \nCopyright © 2018 by World Scientific Publishing Co. Pte. Ltd.  \nAll rights reserved. This book, or parts thereof, may not be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording or any information storage and retrieval system now known or tobe invented, without written permission from the publisher.  \nFor photocopying of material in this volume, please pay a copying fee through the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, USA. In this case permission to photocopy is not required from the publisher.  \nISBN 978-981-3224-66-7  \nISBN 978-981-3224-67-4 (pbk)  \nDesk Editor: Shreya Gopi  \nTypeset by Stallion Press  \nEmail: [enquiries@stallionpress.com](enquiries@stallionpress.com)  \nPrinted in Singapore  \nTo Bonnie, Nikki and Kevin for their continuously compounded rate of support  \nWai-Sum Chan  \nTo Vicky, Germaine, Gerald and Gemma  \nfor their unyielding forbearance  \nYiu-Kuen Tse  \nThis page intentionally left blank  \nAbout the Authors  \nWai-Sum Chan, PhD, FSA, HonFIA, CERA, graduated from the Chinese University of Hong Kong with a major in Accounting and a minor in Statistics. He pursueda doctorate in Applied Statistics at the Fox School of Business Management, Temple University (Philadelphia, USA), receiving his PhD in 1989 . He qualified as a Fellow of the Society of Actuaries in 1995 and Chartered Enterprise Risk Analyst in 2008 . He was conferred an Honorary Fellow by the Institute and Faculty of Actuaries in 2014 . Dr Chan held teaching and research posts at the National University of Singapore, the University of Waterloo and the University of Hong Kong before his present appointment as Professor of Finance at the Chinese University of Hong Kong. Dr Chan’s research interests include Health Care Financing, Actuarial Modeling and Financial Econometrics. He has had over 100 scientific articles published in scholarly journals. Dr Chan has been teaching financial and actuarial courses since 1992 .  \nYiu-Kuen Tse, PhD, FSA, graduated from the University of Hong Kong, majoring in Economics and Statistics. He obtained his MSc in Statistics and PhD in Econometrics from the London School of Economics. He has been a Fellow of the Society of Actuaries since 1993 . Dr Tse’s research interests are in Empirical Finance and Financial Econometrics. He is Professor of Economics at the School of Economics, Singapore Management University. He has published extensively in scholarly journals and is the author of the book Nonlife Actuarial Models: Theory, Methods and Evaluation. Dr Tse teaches undergraduate Actuarial Science and is also involved in many executive training programs.  \nThis page intentionally left blank  \nPreface to the Second Edition  \nA good understanding of the fundamental concepts of financial mathematics is essential for the evaluation of any financial product and instrument. Mastering concepts of present and future values of streams of cash flows under different interest rate environments is core for actuaries and financial economists. It is with these perspectives in mind that we write this textbook.  \nThis book covers the body of knowledge required by the Society of Actuaries (SOA) for i","cbCaikax8SMbz8Rh","https://ap.wps.com/l/cbCaikax8SMbz8Rh","pdf",2895635,372,"English","# Preface to the Second Edition\n## Core concepts and motivation\n## Coverage aligned with SOA FM Exam\n## Added topics: swaps, interest-rate determination, policy, stochastic models\n## Intended audiences and prerequisites\n## Teaching aids and support","[{\"question\":\"What knowledge does the book assume from readers before studying?\",\"answer\":\"Readers are assumed to have prior knowledge of high school algebra and introductory college calculus. An appendix provides a quick revision or occasional reference for mathematics and statistics.\"},{\"question\":\"Which exam and syllabus does this textbook primarily support?\",\"answer\":\"The book covers the body of knowledge required by the Society of Actuaries (SOA) for its Financial Mathematics (FM) Exam. It also states suitability for the Institute and Faculty of Actuaries Exam CT1 preparation.\"},{\"question\":\"What key topics were expanded or added in the Second Edition?\",\"answer\":\"The Second Edition expands coverage to include topics introduced by the SOA in the FM Exam from 2017 onward, including interest rate swaps in Chapter 3 and additional discussion on determining interest rates of financial securities, central-bank-related policy aspects, and stochastic interest rate models.\"}]","Financial Mathematics for Actuaries - Second Edition | PDF",1790489111,937]