首页 考试吧论坛 Exam8视线 考试商城 网络课程 模拟考试 考友录 实用文档 求职招聘 论文下载
2011中考 | 2011高考 | 2012考研 | 考研培训 | 在职研 | 自学考试 | 成人高考 | 法律硕士 | MBA考试
MPA考试 | 中科院
四六级 | 职称英语 | 商务英语 | 公共英语 | 托福 | 雅思 | 专四专八 | 口译笔译 | 博思 | GRE GMAT
新概念英语 | 成人英语三级 | 申硕英语 | 攻硕英语 | 职称日语 | 日语学习 | 法语 | 德语 | 韩语
计算机等级考试 | 软件水平考试 | 职称计算机 | 微软认证 | 思科认证 | Oracle认证 | Linux认证
华为认证 | Java认证
公务员 | 报关员 | 银行从业资格 | 证券从业资格 | 期货从业资格 | 司法考试 | 法律顾问 | 导游资格
报检员 | 教师资格 | 社会工作者 | 外销员 | 国际商务师 | 跟单员 | 单证员 | 物流师 | 价格鉴证师
人力资源 | 管理咨询师考试 | 秘书资格 | 心理咨询师考试 | 出版专业资格 | 广告师职业水平
驾驶员 | 网络编辑
卫生资格 | 执业医师 | 执业药师 | 执业护士
会计从业资格考试会计证) | 经济师 | 会计职称 | 注册会计师 | 审计师 | 注册税务师
注册资产评估师 | 高级会计师 | ACCA | 统计师 | 精算师 | 理财规划师 | 国际内审师
一级建造师 | 二级建造师 | 造价工程师 | 造价员 | 咨询工程师 | 监理工程师 | 安全工程师
质量工程师 | 物业管理师 | 招标师 | 结构工程师 | 建筑师 | 房地产估价师 | 土地估价师 | 岩土师
设备监理师 | 房地产经纪人 | 投资项目管理师 | 土地登记代理人 | 环境影响评价师 | 环保工程师
城市规划师 | 公路监理师 | 公路造价师 | 安全评价师 | 电气工程师 | 注册测绘师 | 注册计量师
缤纷校园 | 实用文档 | 英语学习 | 作文大全 | 求职招聘 | 论文下载 | 访谈 | 游戏
您现在的位置: 考试吧(Exam8.com) > 精算师考试 > 历年真题 > 北美精算师 > 正文

SOA真题November2005ExamFM

Exam FM

November 2005

November 2005 4 Course FM

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 5 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 6 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 is j.

Which of the following formulas represents the equation of value for this fund

accumulation?

(A) ( ) ( ) ( ) 4 2

24 1 1 2 1 3 200 i s i i i   + + + + + =   􀀅􀀅

(B) ( ) ( ) ( ) 4 2

24 1 1 2 1 3 200 i s j j j   + + + + + =   􀀅􀀅

(C) ( ) ( ) ( ) 4 2

24 1 1 2 1 3 200 j s i i i   + + + + + =   􀀅􀀅

(D) ( ) ( ) ( ) 4 2

24 1 1 2 1 3 200 j s i i i   + + + + + =  

(E) ( ) ( ) ( ) 4 2

24 1 1 2 1 3 200 i s j j j   + + + + + =  

November 2005 7 Course FM

4. A ten-year 100 par value bond pays 8% coupons semiannually. The bond is priced at

118.20 to yield an annual nominal rate of 6% convertible semiannually.

Calculate the redemption value of the bond.

(A) 97

(B) 100

(C) 103

(D) 106

(E) 109

November 2005 8 Course FM

5. Alex is an investment analyst for a large fund management firm. He specializes

in finding risk-free arbitrage opportunities in the stock market.

His strategy consists of selling a specific number of call options for each share of stock

selected in the fund.

Which of the following best describes the technique used by Alex to achieve his goal?

(A) Black Scholes option pricing model

(B) Capital Asset Pricing Model

(C) Full immunization

(D) Short sales

(E) Hedge ratio

November 2005 9 Course FM

6. Consider a yield curve defined by the following equation:

2 0.09 0.002 0.001 ki k k = + −

where ik is the annual effective rate of return for zero coupon bonds with maturity

of k years.

Let j be the one-year effective rate during year 5 that is implied by this yield curve.

Calculate j.

(A) 4.7%

(B) 5.8%

(C) 6.6%

(D) 7.5%

(E) 8.2%

November 2005 10 Course FM

1 2 3 4 5 下一页
文章责编:gaoxiaoliang  
看了本文的网友还看了
文章搜索
精算师考试栏目导航
版权声明:如果精算师考试网所转载内容不慎侵犯了您的权益,请与我们联系800@exam8.com,我们将会及时处理。如转载本精算师考试网内容,请注明出处。