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MATHEMATICS FOR BUSINESS ANALYSIS I – Spring 2008 67-204-004 M T W F 11:30 AM – 12:30 PM Instructor: Rohini Muthuvel Phone: 424-7349 Office hours: Office: Email: N. Halsey 237 Swart 221 [email protected] M W 9:10 – 10:10 AM T 12:40 – 1:40 PM F 1:50 – 2:50 PM Others by appointment Text: Finite Mathematics for Business, Economics, Life Sciences and Social Sciences, 11th edition by Raymond A. Barnett, Michael R. Ziegler and Karl E. Byleen Calculator: TI-83 or TI-84 Graphics Calculator is required. Bring your calculator to class every day. Course Description: This course is designed to acquaint business students with mathematical techniques, which are useful in business and management. Topics include functions, matrix algebra and applications, linear programming, probability, and mathematics of finance. Prerequisites: Math 103 or Math 108 with a grade C or above. General Goals and Objective for the Course: Identify the basic graphs and properties of polynomial, rational, exponential, and logarithmic functions. Apply the knowledge of functions to business applications such as simple, compound or continuous compound interest, ordinary annuities, finding the maximum or minimum for quantities which are quadratic functions, and finding break even points. Perform basic operations with matrices, and use matrix methods to solve systems of linear equations. Apply the knowledge of matrices to business problems such as inventory, production, and total cost. Use geometric method to solve linear programming problems. Interpret information as an objective function with constraints, set up the linear programming problem, solve the problem and interpret the result in the context of the problem. 1 Use basic counting techniques and calculate probabilities, including conditional probabilities. Apply the mathematical knowledge of probability to business problems and interpret the results. Represent data with graphical and numerical summaries. Calculate probabilities for binomial and normal distributions. Apply the statistical skills to problems in various business settings and interpret the results. Description of Specific Content: The course will cover the following topics. Functions: Linear, quadratic, rational, exponential and logarithmic function. Transformation of functions and graphing. Mathematics of Finance: Simple and compound interest, future value and present value of annuities, sinking funds, and amortization. Systems of Linear Equations and Matrices: Solution of systems of linear equations by graphing, substitution, elimination by addition, Gauss-Jordan elimination and use of matrix inverse. The systems of equations considered will have a unique solution, no solution or an infinite number of solutions. Linear Programming: Systems of linear inequalities in two variables, geometric approach to solving linear programming problems in two variables. Probability and Statistics: Operations on sets, counting techniques including permutations and combination, basic properties of probability, conditional probability, Bayes formula, random variables and expected values. Graphical description and numerical summaries of data. Binomial distribution and normal distribution. Exam: There will be 4 exams each worth 100 points. Make-ups for missed exams will be available only in very special Make-ups for missed exams will be available only in very special circumstances. You must call before the scheduled exam in order for a make-up to be considered. Tentative Dates: Exam 1 February 26 Exam 2 March 21 Exam 3 April 23 Exam 4 May 16 Quizzes: There will 14 quizzes each worth 10 points. Quizzes must be taken at the time they are scheduled in class, i.e., quizzes cannot be taken early or made up at a later time. 2 Homework: Homework will be assigned for each section. These problems will not be collected for grading but used for discussion. Attendance: Attendance will count as 5% of your grade. Attendance will be taken in each class. More than 4 absences (for any reason) will affect your final grade by losing one percent of your course grade for each class missed. Arriving late or leaving early will count as half a point. If absent, it is your responsibility to obtain the missed lecture notes and to do the assignment. Grading: Exams (4) Quizzes Attendance [91 , 100] [77 , 82) Below 60 A BC F 19% each 19% 5% [88 , 91) [70 , 77) AB C [82 , 88) [60 , 70) B D Remarks: If you have any problems, please feel free to see me during my office hours or make an appointment. Tutors are available free of charge in Swart 113. 3