Introductory Mathematics and Statistics for Islamic Finance, + Website

Chapter 1Elementary Mathematics

This chapter covers the measurement and presentation of economic and financial data. Data consists of numbers and graphics, which are essential for recording and understanding financial data. All financial transactions are represented by numbers. For instance, the price of a commodity in terms of commodity is a number; it is the number of units of commodity that is paid to get one unit of commodity . Usually, unknown amounts are expressed as variables, designated by symbols such as , , or any other symbol, and the equations that contain these variables may be expressed in the form of monomials, binomials, or polynomials. The applications of equations, sequences, and series are important concepts to understand in finance.

Basic Mathematical Objects

Numbers play a fundamental role in economics and finance. There are real numbers and complex or imaginary ...