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First of all, The Financial Mathematics is defined as:
Financial mathematics describes the application of mathematics and mathematical modeling to solve financial problems. it is sometimes referred to as quantative finance, financial engineering, and computational finance. The discipline combines tools from statistics, probability, and stochastic processes and combines it with economic theory. Mathematics is the discipline of academics that involves the study of quantity, structure, space, and change by using formulas and mathematical proofs to provide insight or make predictions about nature.
The study of mathematics has led to completely new disciplines within academia, including the field of statistics. Statistics refers to the discipline that is concerned with analyzing data and applying insights gathered from the data to solve various scientific, industrial, or even social problems. It has become an essential discipline as technology continues to evolve.
Statistics is used prominently in academic papers, as a crucial part of science is making testable hypotheses and proving or contradicting said hypotheses. It plays an integral role in that process. In addition, it is used to develop groundbreaking technologies, such as machine learning, leading to even more specialized discipline
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