Financial Mathematics is the application of mathematical methods to financial problems. It draws on tools from probability, statistics, and economic theory. This unit standard will allow one to Use mathematics to investigate and monitor the financial aspects of personal, business, national and international issues.
This unit standard will be useful to people who aim to achieve recognition at some level in Further Education and Training or to meet the Fundamental requirement of a wide range of qualifications registered on the National Qualifications Framework.
People credited with this unit standard are able to:
Use mathematics to plan and control financial instruments. Use simple and compound interest. Investigate various aspects of costs and revenue including marginal costs, marginal revenue and optimisation of profit. And use mathematics to debate aspects of the national and global economy.