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北美精算师SOA)考试_FM_2005_November_年真题.pdf
Exam FM
November 2005
1. An insurance company earned a simple rate of interest of 8% over the last calendar year
based on the following information:
Assets, beginning of year 25,000,000
Sales revenue X
Net investment income 2,000,000
Salaries paid 2,200,000
Other expenses paid 750,000
All cash flows occur at the middle of the year.
Calculate the effective yield rate.
(A) 7.7%
(B) 7.8%
(C) 7.9%
(D) 8.0%
(E) 8.1%
November 2005 4 Course FM
2. Calculate the Macaulay duration of an eight-year 100 par value bond with 10% annual
coupons and an effective rate of interest equal to 8%.
(A) 4
(B) 5
(C) 6
(D) 7
(E) 8
November 2005 5 Course FM
3. An investor accumulates a fund by making payments at the beginning of each month for
6 years. Her monthly payment is 50 for the first 2 years, 100 for the next 2 years, and
150 for the last 2 years. At the end of the 7th year the fund is worth 10,000.
The annual effective interest rate is i, and the monthly effective interest rate isj .
Which of the following formulas represents the equation of value for this fund
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