1.
Northfield, Minnesota
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Northfield is a city in Dakota and Rice counties in the State of Minnesota. The city is mostly in Rice County, with a portion in Dakota County. The population was 20,007 during the 2010 census, Northfield was platted in 1855 by John W. North. Northfield was founded by immigrants from New England known as Yankees as part of a New England colonization of what was then the far west, Northfield was an early agricultural center with many wheat and corn farms. The town also supported lumber and flour mills powered by the Cannon River, as the wheat frontier moved west, dairy operations and diversified farms replaced the wheat-based agriculture. The region has since moved away from dairy and beef operations, today it produces substantial crops of corn, and soybeans, as well as producing hogs. The local cereal producer Malt-O-Meal is one of the few remnants of Northfields historic wheat boom, the citys motto, Cows, Colleges, and Contentment, reflects the influence of the dairy farms. Since early in its history, Northfield has been a center of higher education and these were people descended from the English Puritans who settled New England in the 1600s. These two institutions, which today enroll a total of more than 5,000 students, make Northfield a college town, in the 1970s, completion of Interstate Highway 35 six miles west of Northfield enabled the expansion of the Minneapolis–Saint Paul metro area south of the Minnesota River. The downtown grain elevator accepted its last load of corn in 2000 and was torn down in 2002, residential growth has been rapid since the mid-1990s A new area hospital, which opened in 2003 in the northwest corner of town, is in Dakota County. According to the United States Census Bureau, the city has an area of 8.61 square miles,8.56 square miles is land and 0.05 square miles is water. The peak elevation is about 912 feet, roughly speaking, the town is centered around the Cannon River and rises both to the east and the west away from this bisecting river body. Interstate 35 is six miles west of Northfield, Minnesota State Highways 3,19, and 246 are three of the main routes in Northfield. As of the census of 2010, there were 20,007 people,6,272 households, the population density was 2,337.3 inhabitants per square mile. There were 6,832 housing units at a density of 798.1 per square mile. The racial makeup of the city was 88. 8% White,1. 3% African American,0. 2% Native American,3. 5% Asian,4. 0% from other races, hispanic or Latino of any race were 8. 4% of the population. 30. 7% of all households were made up of individuals and 13. 1% had someone living alone who was 65 years of age or older, the average household size was 2.44 and the average family size was 3.04. The median age in the city was 26.4 years
2.
Calculus
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Calculus is the mathematical study of continuous change, in the same way that geometry is the study of shape and algebra is the study of generalizations of arithmetic operations. It has two branches, differential calculus, and integral calculus, these two branches are related to each other by the fundamental theorem of calculus. Both branches make use of the notions of convergence of infinite sequences. Generally, modern calculus is considered to have developed in the 17th century by Isaac Newton. Today, calculus has widespread uses in science, engineering and economics, Calculus is a part of modern mathematics education. A course in calculus is a gateway to other, more advanced courses in mathematics devoted to the study of functions and limits, Calculus has historically been called the calculus of infinitesimals, or infinitesimal calculus. Calculus is also used for naming some methods of calculation or theories of computation, such as calculus, calculus of variations, lambda calculus. The ancient period introduced some of the ideas that led to integral calculus, the method of exhaustion was later discovered independently in China by Liu Hui in the 3rd century AD in order to find the area of a circle. In the 5th century AD, Zu Gengzhi, son of Zu Chongzhi, indian mathematicians gave a non-rigorous method of a sort of differentiation of some trigonometric functions. In the Middle East, Alhazen derived a formula for the sum of fourth powers. He used the results to carry out what would now be called an integration, Cavalieris work was not well respected since his methods could lead to erroneous results, and the infinitesimal quantities he introduced were disreputable at first. The formal study of calculus brought together Cavalieris infinitesimals with the calculus of finite differences developed in Europe at around the same time, pierre de Fermat, claiming that he borrowed from Diophantus, introduced the concept of adequality, which represented equality up to an infinitesimal error term. The combination was achieved by John Wallis, Isaac Barrow, and James Gregory, in other work, he developed series expansions for functions, including fractional and irrational powers, and it was clear that he understood the principles of the Taylor series. He did not publish all these discoveries, and at this time infinitesimal methods were considered disreputable. These ideas were arranged into a calculus of infinitesimals by Gottfried Wilhelm Leibniz. He is now regarded as an independent inventor of and contributor to calculus, unlike Newton, Leibniz paid a lot of attention to the formalism, often spending days determining appropriate symbols for concepts. Leibniz and Newton are usually credited with the invention of calculus. Newton was the first to apply calculus to general physics and Leibniz developed much of the used in calculus today
3.
Educational technology
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Educational technology refers to the use of both physical hardware and educational theoretics. It encompasses several domains, including learning theory, computer-based training, online learning, and, Technology in education and education technology are two different concepts which deal with the use of technological tools and innovative educational strategies respectively. Educational technology is not restricted to high technology, Education technology is anything that enhances classroom learning in the utilization of blended or online learning. However, modern educational technology is an important part of society today. Each of these terms has had its advocates, who point up potential distinctive features. In practice, as technology has advanced, the narrowly defined terminological aspect that was initially emphasized by name has blended into the general field of educational technology. Initially, virtual learning as defined in a semantic sense implied entering an environmental simulation within a virtual world. In practice, an education course refers to any instructional course in which all. As a further example, ubiquitous learning emphasizes an omnipresent learning milieu, smart learning is a component of the smart city concept. Helping people learn in ways that are easier, faster, surer, or less expensive can be traced back to the emergence of early tools. Various types of abacus have been used, writing slates and blackboards have been used for at least a millennium. From their introduction, books and pamphlets have held a prominent role in education, from the early twentieth century, duplicating machines such as the mimeograph and Gestetner stencil devices were used to produce short copy runs for classroom or home use. The first all multiple choice, large-scale assessment was the Army Alpha, used to assess the intelligence, further large-scale use of technologies was employed in training soldiers during and after WWII using films and other mediated materials, such as overhead projectors. The concept of hypertext is traced to the description of memex by Vannevar Bush in 1945, slide projectors were widely used during the 1950s in educational institutional settings. Cuisenaire rods were devised in the 1920s and saw use from the late 1950s. Stanfords Education Program for Gifted Youth is descended from early experiments. In 1971, Ivan Illich published an influential book called, Deschooling Society. By the mid-1980s, accessing course content became possible at many college libraries, in computer-based training or computer-based learning, the learning interaction was between the student and computer drills or micro-world simulations
4.
The Wall Street Journal
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The Wall Street Journal is an American business-focused, English-language international daily newspaper based in New York City. The Journal, along with its Asian and European editions, is published six days a week by Dow Jones & Company, the newspaper is published in the broadsheet format and online. The Wall Street Journal is the largest newspaper in the United States by circulation, according to the Alliance for Audited Media, the Journal had a circulation of about 2.4 million copies as of March 2013, compared with USA Todays 1.7 million. The newspaper has won 39 Pulitzer Prizes through 2015 and derives its name from Wall Street in the heart of the Financial District of Lower Manhattan. The Journal has been printed continuously since its inception on July 8,1889, by Charles Dow, Edward Jones, the Journal also publishes the luxury news and lifestyle magazine WSJ. They were later aggregated in a daily summary called the Customers Afternoon Letter. In 1896, The Dow Jones Industrial Average was officially launched and it was the first of several indices of stock and bond prices on the New York Stock Exchange. In 1899, the Journals Review & Outlook column, which still today, appeared for the first time. Journalist Clarence Barron purchased control of the company for US$130,000 in 1902, circulation was then around 7,000, Barron and his predecessors were credited with creating an atmosphere of fearless, independent financial reporting—a novelty in the early days of business journalism. In 1921, Barrons, Americas premier financial weekly, was founded, Barron died in 1928, a year before Black Tuesday, the stock market crash that greatly affected the Great Depression in the United States. Barrons descendants, the Bancroft family, would continue to control the company until 2007, the Journal took its modern shape and prominence in the 1940s, a time of industrial expansion for the United States and its financial institutions in New York. Bernard Kilgore was named managing editor of the paper in 1941, under Kilgore, in 1947, that the paper won its first Pulitzer Prize, for William Henry Grimess editorials. In 1970, Dow Jones bought the Ottaway newspaper chain, which at the time comprised nine dailies, later, the name was changed to Dow Jones Local Media Group. In 2007 News Corp. acquired Dow Jones, a luxury lifestyle magazine, was launched in 2008. A complement to the print newspaper, The Wall Street Journal Online, was launched in 1996, in 2003, Dow Jones began to integrate reporting of the Journals print and online subscribers together in Audit Bureau of Circulations statements. In 2007, it was believed to be the largest paid-subscription news site on the Web. Since then, online subscribership has fallen, due in part to rising subscription costs, in May 2008, an annual subscription to the online edition of The Wall Street Journal cost $119 for those who do not have subscriptions to the print edition. By June 2013, the monthly cost for a subscription to the edition was $22.99, or $275.88 annually
5.
Statistics
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Statistics is a branch of mathematics dealing with the collection, analysis, interpretation, presentation, and organization of data. In applying statistics to, e. g. a scientific, industrial, or social problem, populations can be diverse topics such as all people living in a country or every atom composing a crystal. Statistics deals with all aspects of data including the planning of data collection in terms of the design of surveys, statistician Sir Arthur Lyon Bowley defines statistics as Numerical statements of facts in any department of inquiry placed in relation to each other. When census data cannot be collected, statisticians collect data by developing specific experiment designs, representative sampling assures that inferences and conclusions can safely extend from the sample to the population as a whole. In contrast, an observational study does not involve experimental manipulation, inferences on mathematical statistics are made under the framework of probability theory, which deals with the analysis of random phenomena. A standard statistical procedure involves the test of the relationship between two data sets, or a data set and a synthetic data drawn from idealized model. A hypothesis is proposed for the relationship between the two data sets, and this is compared as an alternative to an idealized null hypothesis of no relationship between two data sets. Rejecting or disproving the hypothesis is done using statistical tests that quantify the sense in which the null can be proven false. Working from a hypothesis, two basic forms of error are recognized, Type I errors and Type II errors. Multiple problems have come to be associated with this framework, ranging from obtaining a sufficient sample size to specifying an adequate null hypothesis, measurement processes that generate statistical data are also subject to error. Many of these errors are classified as random or systematic, the presence of missing data or censoring may result in biased estimates and specific techniques have been developed to address these problems. Statistics continues to be an area of research, for example on the problem of how to analyze Big data. Statistics is a body of science that pertains to the collection, analysis, interpretation or explanation. Some consider statistics to be a mathematical science rather than a branch of mathematics. While many scientific investigations make use of data, statistics is concerned with the use of data in the context of uncertainty, mathematical techniques used for this include mathematical analysis, linear algebra, stochastic analysis, differential equations, and measure-theoretic probability theory. In applying statistics to a problem, it is practice to start with a population or process to be studied. Populations can be diverse topics such as all living in a country or every atom composing a crystal. Ideally, statisticians compile data about the entire population and this may be organized by governmental statistical institutes
6.
Probability
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Probability is the measure of the likelihood that an event will occur. Probability is quantified as a number between 0 and 1, the higher the probability of an event, the more certain that the event will occur. A simple example is the tossing of a fair coin, since the coin is unbiased, the two outcomes are both equally probable, the probability of head equals the probability of tail. Since no other outcomes are possible, the probability is 1/2 and this type of probability is also called a priori probability. Probability theory is used to describe the underlying mechanics and regularities of complex systems. For example, tossing a coin twice will yield head-head, head-tail, tail-head. The probability of getting an outcome of head-head is 1 out of 4 outcomes or 1/4 or 0.25 and this interpretation considers probability to be the relative frequency in the long run of outcomes. A modification of this is propensity probability, which interprets probability as the tendency of some experiment to yield a certain outcome, subjectivists assign numbers per subjective probability, i. e. as a degree of belief. The degree of belief has been interpreted as, the price at which you would buy or sell a bet that pays 1 unit of utility if E,0 if not E. The most popular version of subjective probability is Bayesian probability, which includes expert knowledge as well as data to produce probabilities. The expert knowledge is represented by some prior probability distribution and these data are incorporated in a likelihood function. The product of the prior and the likelihood, normalized, results in a probability distribution that incorporates all the information known to date. The scientific study of probability is a development of mathematics. Gambling shows that there has been an interest in quantifying the ideas of probability for millennia, there are reasons of course, for the slow development of the mathematics of probability. Whereas games of chance provided the impetus for the study of probability. According to Richard Jeffrey, Before the middle of the century, the term probable meant approvable. A probable action or opinion was one such as people would undertake or hold. However, in legal contexts especially, probable could also apply to propositions for which there was good evidence, the sixteenth century Italian polymath Gerolamo Cardano demonstrated the efficacy of defining odds as the ratio of favourable to unfavourable outcomes
7.
Bachelor's degree
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A bachelors degree or baccalaureate is an undergraduate academic degree awarded by colleges and universities upon completion of a course of study lasting three to seven years. In some institutions and educational systems, some bachelors degrees can only be taken as graduate or postgraduate degrees after a first degree has been completed. The term bachelor in the 12th century referred to a knight bachelor, by the end of the 13th century, it was also used by junior members of guilds or universities. By folk etymology or wordplay, the word came to be associated with bacca lauri in reference to laurels being awarded for academic success or honours. An honours degree generally requires an academic standard than a pass degree. In most African countries, the university systems follow the model of their former colonizing power, for example, the Nigerian university system is similar to the British system, while the Ivorian system is akin to the French. The degree is typically identical to the program of Frances universities, bachelors degree programs cover most of the fields in Algerian universities, except some fields, such as Medicine and Pharmaceutical Science. Bachelors degrees at the University of Botswana normally take four years, the system draws on both British and American models. Degrees are classified as First Class, Second Class Division One, Second Class Division Two and Third as in English degrees, but without being described as honours. The main degrees are named by British tradition, but in recent years there have been a numbers of degrees named after specific subjects, such as Bachelor of Library, in Morocco, a bachelors degree is referred to as al-ʾijāzah. The course of study takes three years, which are divided into two cycles. The first cycle comprises the first, or propaedeutic, year, after successfully completing their first two years, students can pursue either theoretical specialization or professional specialization. The second cycle is one long, after whose completion students receive the licence détudes fondamentales or the licence professionnelle. This academic degree system was introduced in September 2003, University admission is extremely competitive, with attendant advantages and disadvantages. Nonetheless, it takes four to five years to complete a bachelors degree, in cases of poor performance, the time limit is double the standard amount of time. For example, one may not study for more than 10 years for a five-year course, students are normally asked to leave if they must take longer. B. Arch. and other specialized undergraduate degrees, such as B. Eng, Science undergraduate degrees may require six months or a semester dedicated to SIWES but it is usually mandatory for all engineering degrees. A semester for project work/thesis is required, not excluding course work, the classifications of degrees, first-class, second-class, third-class and a pass
8.
Graduate school
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A graduate school is a school that awards advanced academic degrees with the general requirement that students must have earned a previous undergraduate degree with a high grade point average. The distinction between schools and professional schools is not absolute, as various professional schools offer graduate degrees. Also, some graduate degrees train students for a specific profession, many universities award graduate degrees, a graduate school is not necessarily a separate institution. Those attending graduate schools are called students, or often in British English as postgraduate students and, colloquially, postgraduates. Degrees awarded to students include masters degrees, doctoral degrees. Producing original research is a significant component of graduate studies in the humanities, sciences and this research typically leads to the writing and defense of a thesis or dissertation. In graduate programs that are oriented towards professional training, the degrees may consist solely of coursework, the term graduate school is primarily North American. Unlike in undergraduate programs, however, it is common for graduate students to take coursework outside their specific field of study at graduate or graduate entry level. Some institutions designate separate graduate versus undergraduate staff and denote other divisions, Graduate degrees in Brazil are called postgraduate degrees, and can be taken only after an undergraduate education has been concluded. Lato sensu graduate degrees, degrees that represent a specialization in a certain area, sometimes it can be used to describe a specialization level between a masters degree and a MBA. However, since there are no norms to regulate this, both names are used indiscriminately most of the time, stricto sensu graduate degrees, degrees for those who wish to pursue an academic career. Usually serves as qualification for those seeking a differential on the job market. Most doctoral programs in Brazil require a degree, meaning that a Lato Sensu Degree is usually insufficient to start a doctoral program. Doctors / PhD, 3–4 years for completion, usually used as a stepping stone for academic life. In Canada, the Schools and Faculties of Graduate Studies are represented by the Canadian Association of Graduate Studies or Association canadienne pour les études supérieures and its mandate is to promote, advance, and foster excellence in graduate education and university research in Canada. In addition to a conference, the association prepares briefs on issues related to graduate studies including supervision, funding. Admission to a masters program generally requires a degree in a related field, with sufficiently high grades usually ranging from B+ and higher. Some schools require samples of the writing as well as a research proposal
9.
Society of Actuaries
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The Society of Actuaries is a professional organization for actuaries based in North America. It was founded in 1949 as the merger of two major organizations in the United States, the Actuarial Society of America and the American Institute of Actuaries. It is a member organization of the International Actuarial Association. The Societys vision is for actuaries to be recognized as the professionals in the modeling and management of financial risk. The SOA represents American actuaries from all areas of practice except property and casualty insurance. In 2013, the SOA began offering qualification examinations covering general insurance, the SOA, along with its public relations firm GolinHarris, won the PR Week Corporate Branding Campaign of the Year award for 2008. The award was given for the Societys efforts to revitalize the actuarial professions brand in the US, the Society was founded as a merger of two major American actuarial associations, as reflected in its logo, the Actuarial Society of America and the American Institute of Actuaries. The Actuarial Society of America was the first actuarial professional association in North America, founded in 1889 with only 38 members and headquartered in New York City. Initial members were included by invitation, but the organization adopted a system of examination for qualification. The American Institute of Actuaries was founded in 1909, based in Chicago, it attracted members from life insurance companies in the midwestern and southern United States. The SOA has seen continued growth since then, now recognizing over 20,000 professional actuaries as active members, the SOA is headed by a board of directors consisting of a president, president-elect, six vice presidents and eighteen other board members. In addition, the two most recent past presidents are members of the board, the board positions are filled by election. Regular board members are elected for terms of three years, and vice presidents are elected for terms of two years, the president-elect is elected for a term of one year, after which he or she becomes the president for a term of one year. The employees of the SOA are headed by the executive director, the SOA holds its elections annually in late summer or early Fall for its Board of Directors and the Section Councils. In the Board of Directors election, one President-Elect, three Vice Presidents, and six Elected Board Members are elected each year, Vice Presidents serve a two–year term, and Elected Board Members serve three–year terms. The President–Elect serves four terms as President–Elect, President, Past President. In Section elections, generally one third of the Council is elected each year as members serve three–year terms, according to the SOA Bylaws, Fellows and Associates who have been members of the Society for 5 years or more are entitled to vote in the Board of Directors election. According to the Section Bylaws, all members of a Section are entitled to vote in the Section Council election and this includes ASAs, FSAs, and members of co–sponsoring organizations who are also members of a Section
10.
Asset and liability management
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The process is at the crossroads between risk management and strategic planning. Often an ALM approach passively matches assets against liabilities and leaves surplus to be actively managed, the exact roles and perimeter around ALM can vary significantly from one bank to another depending on the business model adopted and can encompass a broad area of risks. The traditional ALM programs focus on interest rate risk and liquidity risk because they represent the most prominent risks affecting the organization balance-sheet, but ALM also now seeks to broaden assignments such as foreign exchange risk and capital management. This mission thus includes the bank liquiditys benchmark price in the market, Interest rate risk, The risk of losses resulting from movements in interest rates and their impact on future cash-flows. Generally because a bank may have an amount of fixed or variable rates instruments on either side of the balance-sheet. One of the causes are mismatches in terms of bank deposits. Capital markets risk, The risk from movements in equity and/or credit on the balance sheet, an insurer may wish to harvest either risk or fee premia. Risk is then mitigated by options, futures, derivative overlays which may incorporate tactical or strategic views, currency risk management, The risk of losses resulting from movements in exchanges rates. To the extent that cash-flow assets and liabilities are denominated in different currencies, funding and capital management, As all the mechanism to ensure the maintenance of adequate capital on a continuous basis. It is a dynamic and ongoing process considering both short- and longer-term capital needs and is coordinated with an overall strategy and planning cycles. In addition, ALM deals with aspects related to credit risk as this function is also to manage the impact of the credit portfolio on the balance sheet. The credit risk, specifically in the portfolio, is handled by a separate risk management function. The ALM function scope covers both a component and an optimization role, within the limits of compliance. Today, ALM techniques and processes have been extended and adopted by other than financial institutions. For simplification treasury management can be covered and depicted from a corporate perspective looking at the management of liquidity, funding, on the other hand, ALM is a discipline relevant to banks and financial institutions whose balance sheets present different challenges and who must meet regulatory standards. The responsibility for ALM is often divided between the treasury and Chief Financial Officer, in smaller organizations, the ALM process can be addressed by one or two key persons. The vast majority of banks operate a centralised ALM model which enables oversight of the consolidated balance-sheet with lower-level ALM units focusing on business units or legal entities, to assist and supervise the ALM unit an Asset Liability Committee, whether at the board or management level, is established. Issued in July 2004, this paper has the objective to support the Pillar 2 approach to interest rate risk in the book within the Basel II capital framework