Actuarial science began as the place where two branches of mathematics meet: compound interest and observed mortality statistics. Financial planning for the future is therefore rooted firmly in the past. John Webb takes us through some of the mathematics involved, introducing us to some of the colourful characters who led the way.
Those who understand compound interest are destined to collect it. Those who don't are doomed to pay it - or so says a well-known source of financial advice. But what is compound interest, and why is it so important? John H. Webb explains.