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1 Markets I: The Ecosystem and Exchange-Traded Marketsবাজার অনলাইন 2 Markets II: Rates, FX and Creditবাজার অনলাইন 3 Markets III: Commodities, Energy and Cryptoবাজার অনলাইন 4 Quantitative Methodsপদ্ধতি অনলাইন 5 Derivatives and Volatilityডেরিভেটিভস অনলাইন 6 Rates, Credit, XVA and Riskসুদহার, ঋণ ও ঝুঁকি অনলাইন 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosগবেষণা অনলাইন 8 Strategies I: Equities and Futuresকৌশল অনলাইন 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksকৌশল অনলাইন 10 Microstructure and Executionএক্সিকিউশন অনলাইন 11 Market Making and High-Frequency Tradingমার্কেট মেকিং অনলাইন 12 Machine Learning for Marketsমেশিন লার্নিং অনলাইন 13 Low-Latency Softwareপ্রযুক্তি অনলাইন 14 Networks, Hardware and Trading Infrastructureপ্রযুক্তি অনলাইন 15 Research, Data and Risk Platformsপ্রযুক্তি অনলাইন 16 The Desk and the Firmপ্রতিষ্ঠান অনলাইন 17 The Industry: Firms, Roles and Careersক্যারিয়ার অনলাইন 18 Interviews I: Maths, Probability and Speedক্যারিয়ার অনলাইন 19 Interviews II: Markets, Trading Games and the Final Roundক্যারিয়ার অনলাইন 20 Interviews III: Codeক্যারিয়ার অনলাইন
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Mathematics · পরিভাষা

General powers কী?

Definition 4.2 University Mathematics — Year 1 · অধ্যায় 4 — Standard Functions

For x>0x > 0 and α∈R\alpha \in \R:   xα=eαln⁡x\;x^\alpha = \eu^{\alpha \ln x}. For a>0a > 0, a≠1a \neq 1, the logarithm to base aa is log⁡ax=ln⁡xln⁡a\log_a x = \frac{\ln x}{\ln a}, the inverse of x↦axx \mapsto a^x.

The growth scale of : near the right edge, x has barely passed 1.6 while x has left the frame. Every ratio (log over power, power over exponential) tends to 0 — the picture only hints at what the substitutions in the proof make exact.
The growth scale of Proposition 4.6: near the right edge, ln⁡x\ln x has barely passed 1.61.6 while ex\eu^x has left the frame. Every ratio (log over power, power over exponential) tends to 00 — the picture only hints at what the substitutions in the proof make exact.

উদাহরণ

Example 4.3 (Solving exponential equations)

Solve 2x=5 x−12^x = 5^{\,x-1} in R\R. Both sides are positive, so take logarithms — a reversible step:

xln⁡2=(x−1)ln⁡5  ⟺  x(ln⁡2−ln⁡5)=−ln⁡5  ⟺  x=ln⁡5ln⁡5−ln⁡2=ln⁡5ln⁡52≈1.756.x\ln2 = (x - 1)\ln5 \iff x(\ln2 - \ln5) = -\ln5 \iff x = \frac{\ln5}{\ln5 - \ln2} = \frac{\ln 5}{\ln\frac52} \approx 1.756 .

Next, solve x2=3x^{\sqrt2} = 3 for x>0x > 0: raise to the power 12\frac1{\sqrt2} (i.e. apply the reciprocal bijection): x=31/2=e(ln⁡3)/2≈2.175x = 3^{1/\sqrt2} = \eu^{(\ln 3)/\sqrt2} \approx 2.175. The insight: every equation mixing powers unwinds through ln⁡\ln and exp⁡\exp, because the definition xα=eαln⁡xx^\alpha = \eu^{\alpha\ln x} reduces all power manipulations to arithmetic of exponents — but only on the domain x>0x > 0 where that definition lives.

Example 4.4 (Doubling times)

A quantity grows by 3%3\% per step: after nn steps it is multiplied by (1.03)n(1.03)^n. When does it double? Solve (1.03)n≥2(1.03)^n \geq 2:

nln⁡(1.03)≥ln⁡2  ⟺  n≥ln⁡2ln⁡1.03=0.69310.02956≈23.4,n\ln(1.03) \geq \ln2 \iff n \geq \frac{\ln 2}{\ln 1.03} = \frac{0.6931}{0.02956} \approx 23.4 ,

so the first doubling occurs at step 2424. (The financiers’ “rule of 7272”, which estimates the doubling time as 7272 divided by the rate in percent, is this computation with the approximation ln⁡(1+x)≈x\ln(1 + x) \approx x, quantified in Chapter 16.) Exponential processes are best reasoned about through their logarithms: on that scale, growth is linear and questions become divisions.

Example 4.5 (How long is 220262^{2026}?)

The number of decimal digits of an integer N≥1N \geq 1 is ⌊log⁡10N⌋+1\floor{\log_{10} N} + 1 (indeed NN has dd digits exactly when 10d−1≤N<10d10^{d-1} \leq N < 10^d, i.e. d−1≤log⁡10N<dd - 1 \leq \log_{10}N < d). For N=22026N = 2^{2026}:

log⁡1022026=2026 log⁡102=2026×0.301030=609.887,\log_{10} 2^{2026} = 2026\,\log_{10}2 = 2026 \times 0.301030 = 609.887 ,

so 220262^{2026} has 610610 digits. The fractional part carries a bonus: 100.887≈7.710^{0.887} \approx 7.7, so the number begins with 77. One multiplication answered a question about a number no one will ever write out — logarithms compress multiplicative size into additive size, which is their whole historical point (Example 7.12 makes that sentence precise).

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