November2005ExamFM真题（*9大块）——北美精算师考试SOA，是供大家考前热身的。
　　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 o
　　高顿网校之淳淳教诲：很多时候，我们富了口袋，但穷了脑袋；我们有梦想，但缺少了思想。