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University of Toronto

Toronto, Ontario

C
1 vote

ACT230

Mathematics of Finance for Non-Actuaries

Introduction to financial mathematics, interest measurement, present value calculation, annuity valuation, loan amortization, consumer financing arrangements, bond valuation. The course is aimed at a general audience who will not be continuing in the actuarial science program.

Added by Anonymous on 2017-07-01 02:12:45

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Anonymous - 2017-07-01 02:12:45
C Spring 2017 Yang, S
This class specializes in making something that would be simple, "difficult". By "difficult", they take something that would normally be easy and make in unrealistically complicated. Example from the beginning of the class: can you calculate how much your savings account will have at the end of 3 years with 1.5% compounded annually starting with $10,000? Of course you can! BUT... what if your account started with 10,000 in January 2017, and ended with 13,000 October 2020. At the same time, your best friend started with 300 in his account and came out with 320 in November 2020. Had you and your friend continued your savings account, what would the difference in account balance be in September 2025? To the nearest $1 please. This is the kind of overcomplicated messed up question they ask throughout the course because otherwise the material would be high school level. Often these types of questions have algebraic shortcuts to speed up calculations. The problem is that every practice question will usually have its own "special algebraic sauce". At 10 practice questions a week * ~11 weeks of materials that over 100 algebraic tricks you need to know. This doesn't even include memorizing all the formulas. They will try to talk you into buying a financial calculator but considering it will only be used for 1 semester (3 months of your entire life), I find it hard to justify spending $45. On top of that the textbook is written by somebody in the department so it is impossible to pirate. It's not every well written too. The solutions for these overcomplicated questions explain 0-20% then jump to 80-100%. The 20-80% is missing from the textbook that you need to figure out yourself. Overall, a big waste of your time. You'll need to do ALL the assigned practice problems and hope you remember all the algebraic tricks. Oh, and did I mention that (except the first midterm), all subsequent midterms and exams give you TWICE the amount of questions to do than is possible given the time limit. Despite all that, the concepts are intuitive and easy to understand. It's the craploads of algebraic secret sauce you need to remember that kills everything. Don't know how I did. I CR/NCRed this class. Got a CR which means grade >= 50%.

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