Statistics and Probability Commons^™

Simulating Burr Type Vii Distributions Through The Method Of L-Moments And L-Correlations, Mohan D. Pant, Todd C. Headrick

Mohan Dev Pant

Burr Type VII, a one-parameter non-normal distribution, is among the less studied distributions, especially, in the contexts of statistical modeling and simulation studies. The main purpose of this study is to introduce a methodology for simulating univariate and multivariate Burr Type VII distributions through the method of L-moments and L-correlations. The methodology can be applied in statistical modeling of events in a variety of applied mathematical contexts and Monte Carlo simulation studies. Numerical examples are provided to demonstrate that L-moment-based Burr Type VII distributions are superior to their conventional moment-based analogs in terms of distribution fitting and estimation. Simulation results …

Compound Interest And The Power Of Saving, Richard H. Serlin

Richard H. Serlin

This is an article with an included assignment that I give to my personal finance 1 students. The first part talks about the power of compound interest. I go into depth about the intuition why it's so powerful, why it takes off, and has been called the eighth wonder of the world. I've haven't seen anywhere else an extensive explanation of the intuition like I have here.

In the second part I give the students a nice assignment to see how much their savings can grow if they invest even a modest amount consistently, month in and month out, in …