MATH 1091: Business Mathematics

Students are introduced to mathematics of management, which includes such concepts as simple interest, discounts, present value, time value of money, compound interest, annuities, sinking funds, capitalized cost, and bonds and stocks. This course assumes no prior knowledge of the mathematics of finance, as each of the topics is presented in astep-by-step manner, with examples provided.

Objectives

  • Clearly define the different ways in which interest on money can be calculated.
  • Explain the meaning of the following terms: simple interest, compound interest, equivalent rates of interest, promissory and demand notes, annuities, perpetuities, capitalized cost, depletion allowances, and stocks and bonds.
  • Undertake the necessary computations for problems of interest, annuities and perpetuities, capitalized cost, depletion allowances, and stocks and bonds.
  • Use the results of mathematical calculations to help evaluate various options in reaching financial decisions, whether personal or business-related.
  • Evaluate and select financial arrangements which are best for you as a consumer.

Course outline

  • Unit 1: Simple Interest
  • Unit 2: Compound Interest
  • Unit 3: Simple Annuities
  • Unit 4: General Annuities
  • Unit 5: Debt Reduction, Sinking Funds, Capitalization, and Wasting Assets
  • Unit 6: Stocks and Bonds

Required text and materials

Students will need to source the following textbook on their own:

  1. Hummelbrunner, S. A., Halliday, K., Hassanlou, A., & Coombs, K. S. (2018). Contemporary Business Mathematics with Canadian Applications (11th edition). Pearson Canada Inc.
    Type: Textbook. ISBN: 9780134141084

Note: Students may purchase an e-textbook version and MyLab access at: https://www.pearsonmylabandmastering.com/northamerica/ this will expire on June 1, 2021.

Additional requirements

Students will need a calculator with these financial functions: power, reciprocal, natural logarithmic, memory.

Assessments

Please be aware that due to COVID-19 safety guidelines all in-person exams have been suspended. As such, all final exams are currently being delivered through ProctorU, which has an approximate fee of $35 involved. There will be more information in your course shell, on how to apply, if your course has a final exam.

To successfully complete this course, students must achieve 50% or higher on the overall course and 50% or higher on the final mandatory examination.

Assignment 1 10%
Assignment 2 10%
Assignment 3 10%
Assignment 4 10%
Assignment 5 10%
Assignment 6 10%
Final Exam (mandatory) 40%
Total 100%

Open Learning Faculty Member

An Open Learning Faculty member is available to assist students. Primary communication is by phone if taking the print version of the course and through the Learning Environment’s “Mail” tool if taking the web version. Students will receive the necessary contact information at start course.

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