In a book about finance, the following formula appears:
$$\large a_{10 \,⌉\, 0.04}$$
What is this ⌉ operator and how to read / calculate it?
In a book about finance, the following formula appears:
$$\large a_{10 \,⌉\, 0.04}$$
What is this ⌉ operator and how to read / calculate it?
This just a notation in Actuarial sciences
$a_{\overline{n|}i} := v + v^2 + \cdots + v^n = \frac{1-v^n}{i}$ , where $v:=\frac{1}{i+1}$
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So,
$a_{\overline{10|}0.04}=\frac{1-(1+0.04)^{-10}}{0.04} \approx 8.111$