: The Theory of Interest () by Stephen Kellison and a great selection of similar New, Used and Collectible Books available now at. The theory of interest (Book). Book Cover. Author: Kellison, Stephen G. Published : Homewood, IL: Irwin, []. Format: Book. Edition: 2nd ed. Physical Desc. S. G. Kellison, “The Theory of Interest,” 2nd Edition, Homewood, Irwin, has been cited by the following article: TITLE: Discrete Time Markov Reward.

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Theory of Interest by Stephen G. Kellison

If you are a seller for this product, would you like to suggest updates through seller support? The third edition of The Theory of Interest is significantly revised and expanded from previous editions. The text covers the basic mathematical theory of interest as keloison developed. The book is a thorough treatment of the mathematical theory and practical applications of compound interest, or mathematics of finance.

The pedagogical approach of the second edition has been retained in the third edition. The textbook narrative emphasizes kelljson the importance of conceptual understanding and the ability to apply the techniques to practical problems. The third edition has considerable updates that make this book relevant to students in this course area. Read more Read less. Customers who bought this item also bought. Page 1 of 1 Start over Page 1 of 1. Mathematical Statistics with Applications.

Financial Mathematics For Actuaries. Derivatives Markets Pearson Series in Finance. A First Course in Probability, 9e. To get the free app, enter mobile phone number.

See all free Kindle reading apps. I’d like to read this book on Kindle Don’t have a Kindle? Be the first to review this item Amazon Bestsellers Rank: Share your thoughts with other customers. Write a product review. Most helpful customer reviews on Amazon. This book is highly mediocre, at best. I am a mathematician, and have no complaints about the mathematics in the book. The theory presented within is mathematically sound.


However, the presentation was found wanting.

Theory of Interest

To give just a few examples of why this book does a poor job of teaching the concepts: Every topic should start with some sort of motivating example. Given that the theory of interest has myriad applications, I find it difficult to understand why the author chose not to use a single example of why a particular topic is relevant to the real world. Chapter 1 starts off section 1. We don’t even see an example of the simplest kind of interest i.

With this already laid out, introducing the accumulation function becomes very natural. The author introduces terms that “is not intuitively clear” e. Had the author actually presented a few examples using different periods such as a year vs. Sometimes the mathematical explanations could have been made simpler.

While mathematically sound, I cannot help but wonder: It certainly to me makes it obvious where “linear” in linear interpolation comes from. More details needed in earlier sections. It’s one thing to leave out details for the readers to fill in for themselves when proving certain results in, say, Chapter 5 of a chapter book.

The idea is that by this late into the book, readers should already have a strong grasp of the simpler details of a proof or solution. However, when starting from scratch if I maythe details need to be all there for clarity’s sake. That is, proofs and solutions should spell out all the details not only for clarity, but pedagogically readers also have a reference on which they can base their own solutions or proofs.

This book is fine for those who have a strong background and are already familiar with the topics treated within. However, for beginners, this book does a poor job of presenting the theory of interest. The author does not work out the examples in the conceptual way related to the chapter.


When working out examples, the author uses shortcuts to get to his solution with little to no explanation of how the author got the answer, let alone explain the equation of value.

Shortcuts and tricks don’t make up for good examples. The same exact thing occurs with the solutions manual online. The solutions are not intuitive and are just unexplained shortcuts. A number of aspiring actuaries who attempt to pass the second exam Exam FM: Financial Math attempt to side step the reading of this over priced textbook and substitute it with study aides and other cram books.

I would recommend that they refrain from doing so as this text is lucid, the exercises are quite comprehensive, and above all, the occasional examples are rather identical to the problems one can anticipate on the test. I took Exam FM recently and this is the only text i refered to, and i felt that my preparation was rather complete thanks to a reading of the syllabus material. The book flows like water, though chapter 4 section 4.

Once this study is complete, the material presented in section 4. I took a class where this book was used and this book taught me everything I know about financial math.

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Getting a hardback book at the paperback book price was great! Getting a copy that was in good versus new condition was ok as it dropped the price and notes in the margin helped me understand the material. Get to Know Us. Delivery and Returns see our delivery rates and policies thinking of returning an item?

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