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This workbook contains materials for the fourth and fifth units in the Financial Life Cycle Mathematics course.
Unit 4: Expected Value and Insurance
Unit 4 shows how to model and manage financial risk. It covers the financial tools that are needed, in particular the central types of insurance. It also teaches the mathematics required to evaluate risk: probability, expected value and the binomial theorem.
Unit 5: Stocks and Risk
Unit 5 introduces the stock market, and the key concepts required to invest in it. It shows the probability and statistics required to calculate risk associated with stocks. It also shows how different financial tools help manage the risk through diversification.