This book provides a thorough understanding of the fundamental concepts of financial mathematics essential for the evaluation of any financial product and instrument. Mastering concepts of present and future values of streams of cash flows under different interest rate environments is core for actuaries and financial economists. This book covers the body of knowledge required by the Society of Actuaries (SOA) for its Financial Mathematics (FM) Exam. The third edition includes major changes such as an addition of an "R Laboratory" section in each chapter, except for Chapter 9. These sections provide R codes to do various computations, which will facilitate students to apply conceptual knowledge. Additionally, key definitions have been revised and the theme structure has been altered. Students studying undergraduate courses on financial mathematics for actuaries will find this book useful. This book offers numerous examples and exercises, some of which are adapted from previous SOA FM Exams. It is also useful for students preparing for the actuarial professional exams through self-study. Key Features: oA good understanding of the fundamental concepts of financial mathematics is essential for the evaluation of any financial product and instrument. Mastering concepts of present and future values of streams of cash flows under different interest rate environments is core for actuaries and financial economists. It is with these perspectives in mind that we write this textbook oThis book covers the body of knowledge required by the Society of Actuaries (SOA) for its Financial Mathematics (FM) Exam. In this second edition, we expand the book to include topics introduced by the SOA in the FM Exam from 2017 onwards. In particular, in Chapter 3 we include the coverage of interest rate swaps. We also add a chapter on the determination of the rates of interest of various financial securities. Some institutional aspects of interest rate policies and the economic management of Central Banks are also discussed in this chapter oThis book also has a chapter on stochastic interest rate models. Students studying for the Institute and Faculty of Actuaries Exam CT1 will also find this book suitable for the preparation of the exam oIt is our hope that students in an undergraduate course on financial mathematics for actuaries will find this book useful. This book contains numerous examples and exercises, some of which are adapted from previous SOA FM Exams. We believe it is also useful for students preparing for the actuarial professional exams through self-study

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