EDIT: This was marked as a possible duplicate. While the referenced other question does talk about slots, my question is more about how to understand how multiple slots (#1 and #2) work. Also, my question is more specific and might be helpful for other questioners to get to the specific information about using two different slots. Also I've found the answers here to be more helpful to me, in this specific situation, than the other reference. End EDIT
I'm using FoldList as follows:
oep = FoldList[(1 - #1)*(1 - Exp[-#2]) + #1 &, rates];
This works, but I really don't understand what I'm doing. I mean I do understand the calculation, but I don't understand how to generically use #2. In this case it's running through my list of rates (numbers like .000123). Suppose it's on the 10th element of rates. It's using that particular rate as #2, while #1 is the result of the previous calculation.
Is that generally what #1 and #2 are used for - in functions like Fold? Or is there a simpler way to see how #1 and #2 are used?

Slotis more general:f[#, #2, #, #2, #3] &[1, 2, 3]– Kuba Mar 12 '18 at 20:50