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BUSINESS MATHEMATICS HIGHER SECONDARY - SECOND YEAR Volume-1 Untouchability is a sin Untouchability is a crime Untouchability is inhuman TAMILNADU TEXTBOOK CORPORATION College Road, Chennai - 600 006. © Government of Tamilnadu First Edition - 2005 Second Edition - 2006 Text Book Committee Chairperson Reviewer Dr.S.ANTONY RAJ Dr. M.R. SRINIVASAN Re
  BUSINESSMATHEMATICS HIGHER SECONDARY - SECOND YEAR Untouchability is a sinUntouchability is a crimeUntouchability is inhuman TAMILNADUTEXTBOOK CORPORATION College Road, Chennai - 600 006. Volume-1  ©Government of TamilnaduFirst Edition - 2005Second Edition - 2006 Text Book CommitteeReviewers - cum - Authors Reviewer  Dr. M.R. SRINIVASAN Reader in StatisticsUniversity of Madras,Chennai - 600 005.  Thiru. N. RAMESH Selection Grade LecturerDepartment of MathematicsGovt. Arts College (Men)Nandanam, Chennai - 600 035.  Authors  Thiru. S. RAMAN Post Graduate Teacher Jaigopal Garodia National Hr. Sec. SchoolEast Tambaram, Chennai - 600 059.  Thiru. S.T. PADMANABHAN Post Graduate Teacher The Hindu Hr. Sec. School Triplicane, Chennai - 600 005. Price : Rs. This book has been prepared by the Directorate of School Educationon behalf of the Government of TamilnaduThis book has been printed on 60 GSM paper  Chairperson Dr.S.ANTONY RAJ Reader in MathematicsPresidency CollegeChennai 600 005.  Thiru. R.MURTHY  Selection Grade LecturerDepartment of MathematicsPresidency CollegeChennai 600005.  Tmt. AMALI RAJA Post Graduate TeacherGood Shepherd MatriculationHr. Sec. School, Chennai 600006.  Tmt. M.MALINI Post Graduate TeacherP.S. Hr. Sec. School (Main)Mylapore, Chennai 600004.  Thiru. S. RAMACHANDRAN Post Graduate Teacher The Chintadripet Hr. Sec. SchoolChintadripet, Chennai - 600 002.  Thiru. V. PRAKASH Lecturer (S.S.), Department of StatisticsPresidency CollegeChennai - 600 005.  Preface Preface  ‘The most distinct and beautiful statement of any truth must atlast take the Mathematical form’ -Thoreau.Among the Nobel Laureates in Economics more than 60% wereEconomists who have done pioneering work in MathematicalEconomics.These Economists not only learnt Higher Mathematicswith perfection but also applied it successfully in their higher pursuitsof both Macroeconomics and Econometrics.A Mathematical formula (involving stochastic differentialequations) was discovered in 1970 by Stanford University Professor of Finance Dr.Scholes and Economist Dr.Merton.This achievementled to their winning Nobel Prize for Economics in 1997.This formulatakes four input variables-duration of the option,prices,interest ratesand market volatility-and produces a price that should be charged for the option.Not only did the formula work ,it transformed AmericanStock Market.Economics was considered as a deductive science using verballogic grounded on a few basic axioms.But today the transformationof Economics is complete.Extensive use of graphs,equations andStatistics replaced the verbal deductive method.Mathematics is usedin Economics by beginning wth a few variables,gradually introducingother variables and then deriving the inter relations and the internallogic of an economic model.Thus Economic knowledge can bediscovered and extended by means of mathematical formulations.Modern Risk Management including Insurance,Stock Tradingand Investment depend on Mathematics and it is a fact that one canuse Mathematics advantageously to predict the future with more precision!Not with 100% accuracy, of course.But well enough sothat one can make a wise decision as to where to invest money.Theidea of using Mathematics to predict the future goes back to two 17 th Century French Mathematicians Pascal and Fermat.They workedout probabilities of the various outcomes in a game where two diceare thrown a fixed number of times. iii
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