北美精算师考试官方样题examfmsoltheory.pdfVIP

SOCIETY OF ACTUARIES EXAM FM FINANCIAL MATHEMATICS EXAM FM SAMPLE SOLUTIONS Interest Theory This page indicates changes made to Study Note FM-09-05. January 14, 2014: Questions and solutions 58–60 were added. June, 2014 Question 58 was moved to the Derivatives Markets set of sample questions. Questions 61-73 were added. Many of the questions were re-worded to conform to the current style of question writing. The substance was not changed. December, 2014: Questions 74-76 were added. January, 2015: Questions 77-93 were added. May, 2015: Questions 94-133 were added. Some of the questions in this study note are taken from past SOA examinations. These questions are representative of the types of questions that might be asked of candidates sitting for the Financial Mathematics (FM) Exam. These questions are intended to represent the depth of understanding required of candidates. The distribution of questions by topic is not intended to represent the distribution of questions on future exams. The following model solutions are presented for educational purposes. Alternative methods of solution are, of course, acceptable. Copyright 2015 by the Society of Actuaries. FM-09-15 PRINTED IN U.S.A. 1 1. Solution: C Given the same principal invested for the same period of time yields the same accumulated value, the two measures of interest i(2) 0.04 and  must be equivalent, which means: 2  i(2)   1  e over a one-year period. Thus,  2  2   i(2)  2 e 1  1.02 1.0404  2   ln(1.0404) 0.0396. 2. Solution: E From basic principles, the accumulated values after 20 and 40 years are 20