# Finite Mathematics 7th Edition

Book Preface

Finite Mathematics, Seventh Edition, is intended for a one- or two-term course for students majoring in business, the social sciences, or the liberal arts. Like the earlier editions, the seventh edition of Finite Mathematics is designed to address the challenge of generating enthusiasm and mathematical sophistication in an audience that is often underprepared and lacks motivation for traditional mathematics courses. We meet this challenge by focusing on real-life applications that students can relate to, many on topics of current interest; by presenting mathematical concepts intuitively and thoroughly; and by employing a writing style that is informal, engaging, and occasionally even humorous.

The seventh edition goes farther than earlier editions in implementing support for a wide range of instructional paradigms. On the one hand, the abundant pedagogical content available both in print and online, including comprehensive teaching videos and online tutorials, now allows us to be able to offer complete customizable courses for approaches ranging from on-campus and hybrid classes to distance learning classes. In addition, our careful integration of optional support for multiple forms of technology throughout the text makes it adaptable in classes with no technology, classes in which a single form of technology is used exclusively, and classes that incorporate several technologies.

We fully support three forms of technology in this text: TI-83/84 Plus graphing calculators, spreadsheets, and powerful online utilities we have created for the book. In particular, our comprehensive support for spreadsheet technology, both in the text and online, is highly relevant for students who are studying business and economics, in which skill with spreadsheets may be vital to their future careers.

New To This Edition

Content

• Chapter 0: We have added an entire new section on logarithms in the Precalculus Review, up through solving for unknowns in the exponent. Students can refer to this section for review when studying techniques involving the use of logarithms in the mathematics of finance (Chapter 2).

• Chapter 1: In our revision of this important introductory chapter, we have downplayed the algebra sophistication somewhat so as not to present artificial barriers to the mastery of the important new concepts we discuss.

• Chapter 2: The Mathematics of Finance chapter has been significantly revised: In the sections on simple and compound interest, we state and use both the year-based formulas and the compounding period-based versions. In the compound interest section, we now emphasize the latter formulation, as this helps with the segue to annuities, in which the period-based approach is the standard formulation. T-bills and zero coupon bonds are a bit esoteric, so the material on T-bills and further discussion of bonds has been moved to the end of the section to a subsection marked as “Optional.” The section on annuities has been substantially reorganized: First, we have standardized the definition of “annuities” and now use more transparent and standard terminology to distinguish accumulation and annuitization (or payout). More important, we have added discussion, examples, and exercises on life insurance and mortgage refinancing, including a formula for calculating principal outstanding. The exercise sets havebeen radically reorganized and expanded, with numerous real-data based applications that follow the new organization of the section text.

**CONTENTS**

Chapter 0 Precalculus Review 1

Chapter 1 Functions and Applications 45

Chapter 2 The Mathematics of Finance 133

Chapter 3 Systems of Linear Equations and Matrices 189

Chapter 4 Matrix Algebra and Applications 253

Chapter 5 Linear Programming 337

Chapter 6 Sets and Counting 427

Chapter 7 Probability 479

Chapter 8 Random Variables and Statistics 579

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