What are the applications of numerical integration?
An example of an AI chatbot conversation about applications of numerical integration.
What are the applications of numerical integration?
Numerical integration is used in various fields such as physics, engineering, and finance to approximate integrals.
Can you give me an example in physics?
Sure! In physics, numerical integration helps in calculating the area under a curve, like finding the work done by a variable force.
What about in finance?
In finance, it's used to evaluate options pricing models, where closed-form solutions may not be available.
Are there specific methods used for numerical integration?
Yes, common methods include the Trapezoidal Rule, Simpson's Rule, and Monte Carlo integration.
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