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Mathematical Interest Theory

Leslie Jane Federer Vaaler and James W. Daniel


Students pursuing an actuarial career as well as those seeking a mathematically based finances course stand to benefit from this informative, up-to-date, and, above all, skillfully written treatise. Instructors and students of interest theory owe Daniel and Vaaler a debt of gratitude for their fine efforts. — Susan Staples, Texas Christian University

We use the Vaaler and Daniel text as our primary learning resource for actuarial science majors as they prepare for the SOA FM / CAS 2 financial mathematics exam. Each concept is followed by several illustrative and detailed examples that help students master the big ideas in interest theory. The accessible exercises reinforce the concepts and advance student understanding as demonstrated by our student success on the professional examination. —Mark Maxwell, Robert Morris University

Mathematical Interest Theory is among the recommended reading options for the Society of Actuaries/Casualty Actuarial Society FM/2 exam.

Mathematical Interest Theory gives an introduction to how investments grow over time in a mathematically precise manner. The emphasis is on practical applications that give the reader a concrete understanding of why the various relationships should be true. Among the modern financial topics introduced are: arbitrage, options, futures, and swaps. The content of the book, along with an understanding of probability, will provide a solid foundation for readers embarking on actuarial careers.

Mathematical Interest Theory includes more than 240 carefully worked examples. There are over 430 problems, and numerical answers are included in an appendix.

A companion Student Solution Manual for Mathematical Interest Theory has detailed solutions to the odd-numbered problems.

* As a textbook, Mathematical Interest Theory does have DRM. Our DRM protected PDFs can be downloaded to three computers. iOS and Android tablets can open secure PDFs using the AWReader app (available in the App Store and the Play Store). The iOS app uses the native iPad PDF reader so it is a very basic reader, no frills. Linux is not supported at this time for our secure PDFs.

MIT Electronic ISBN: 9781614446002

MIT-SM Electronic ISBN: 9781614446033

  DRM PDF Price  
Mathematical Interest Theory $45.00
Student Solution Manual for Mathematical Interest Theory $21.00


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