So the whole host of typos in the CFAI textbooks are bad enough, but then one finds this:

“In the example of a single cap, we looked at the exercise rate and 8 rates above and below for a total of 17 rates. For five distinct rate resets, this same procedure would require 5^17 or more than 762 billion different possibilities.” (Level III 2013 Volume 5 Alternative Investments, Risk Management, and the Application of Derivatives. page(414).) Shouldn’t this be 17^5 or 1,419,857 possibilities? Pick one out of 17 rates, do it 5 times. 17 possibilities for the first rate, 17 for the second, and so on, for a total of 17 * 17 * 17 * 17 * 17 = 17^5. Are they trying to propagate the stereotype of finance guys being innumerate?

How did you read all that into pointing out an error in a textbook?

My point is this. Textbooks are supposed to be accurate for fuck’s sake. Their readers are novices, trying to learn, so they have a higher “mental fiduciary” duty to the students.