Business Mathematics

BRIEF COURSE DESCRIPTION

This course covers the mathematical processes and techniques currently used in the fields of business and finance.  It includes a review of basic business math skills with particular emphasis on linear, Quadratic Equations, Matrices, percentages, interest, discounts, arithmetic payroll of  taxes, bank statements, reconciliation, trade and cash discounts, establishing retail prices, consumer credit, simple interest, compound interest, annuities, business and consumer  loans.

COURSE OBJECTIVES

At the end of this course, the student will be able to

  • Know the use of Mathematics in Business and industry.
  • Know how we can apply Mathematical Methods in solving business problems.
  • Computation – Use basic mathematical operations.
  • Critical Thinking and Problem Solving – Evaluate information and solve problems.

Prerequisite(s): Basic knowledge of Mathematics

Recommended Text Books:

S.No. Title Author(s) Assigned Code
1 Mathematics for Business and Economics Robert H. Nicholson Book-1
2 Modern Mathematics with applications to Business and the Social Sciences Wheeler and Peeples Book-2
3 Applied Mathematics for Business Economics and Social Sciences Frank S. Budnick Book-3
4 Mathematics with Applications in Management and Economics

 

Bowen. Book-4

CONTENTS

Weeks DESCRIPTION
1 Systems of Linear Equations and Inequalities:                           Book-1 Chap# 5· Equations

· Linear Equations in One Unknown

· Application of Linear Equations in one unknown

2 Simultaneous Equations:                                                             Book-1 Chap# 5· Simultaneous System of Equations

·  Linear equations in two Variables.

·  Use of Graphs

·  Application of Linear equations in two unknowns

3 Quadratic and Polynomial Functions:                                      Book-1 Chap# 8·     Quadratic Functions and their Characteristic.

·     Application of Quadratic Equations in one Unknown.

·     Cubic Functions.

4 Exponential and Logarithmic Functions:                                 Book-1 Chap# 8·   Exponential functions and its properties.

·   Exponential Functions when b is Greater than 1.

·   Applications of Exponential Functions in Business.

5 Exponential and Logarithmic Functions:                                Book-1 Chap# 8·   Logarithmic Functions.

·   Logarithmic Functions and Exponential Functions.

·   Logarithmic functions in Business.

6 Matrix Algebra:                                                                         Book-1 Chap# 6·     Introduction to Matrices.

·     Special types of matrices, Matrix operations.

·     The determinant of a Matrix, The inverse of a Matrix.

·     Applications in business.

7 Matrix Algebra:                                                                         Book-1 Chap# 6 

·     Solution of Linear Equations by using Matrix approach.

·     Matrix operations (Row and Column operations).

·     The determinant and the inverse of a Matrix.

·     Applications in business.

8 Percentages, Discount and Commission:                                Book-1 Chap# 9·     Percentage and basic problems in percent

·     Mark Down, Discount and commission

·     There Application in business.

Mid Term Exam. 
9 Arithmetic and Geometric Progressions:                               Book-1 Chap# 9·     Arithmetic Progression, Geometric Progression.

·     General term of an AP and GP.

·     Sum of the ‘n’ term of AP and GP.

10 Simple Interest:                                                                        Book-1 Chap# 9·     Simple interest and simple Discount.

·     To find Principal, To find Rate, To find Time.

·     Application in business.

11 Compound Interest:                                                                Book-1 Chap# 9·     Compound interest, to find Principle Time and Rate.

·     Depreciation

·     Application in business.

12 Annuity:                                                                                    Book-1 Chap# 9·     Annuities, ordinary annuity, Annuity Due.                         Book-2 Chap# 4

·     Amount of an Annuity, Amount of an Ordinary Annuity,

·     Amount by use of Annuity Table.

13 Annuity:                                                                                    Book-1 Chap# 9 

·     The  Future value of an Annuity.                                         Book-2 Chap# 4

·      The Present value of an Annuity.

·     Rent of an Annuity when S,P are Known

14 Limits and Continuity:                                                            Book-1 Chap# 10·     Limits.

·     Properties of limit and continuity,

 

15 Differentiation:                                                                         Book-1 Chap# 10·     The Derivative.

·     Rules of Differentiation.

·     Differentiation of Logarithmic Functions and Exponential Functions.

16 Integration:                                                                               Book-1 Chap# 11·     Anti-derivatives, Integration.

·     Rules of integration.

·     Integration by Parts.

Final Term Exam.

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