真题November2005ExamFM（二）——2014年份*7版北美精算师考试SOA，此乃高顿网校小编为您精心编制而成的。
　　f 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
 
　　7. A bank offers the following choices for certificates of deposit:
　　Term
　　(in years)
　　Nominal annual
　　interest rate
　　convertible quarterly
　　1 4.00%
　　3 5.00%
　　5 5.65%
　　The certificates mature at the end of the term. The bank does NOT permit early
　　withdrawals. During the next 6 years the bank will continue to offer certificates
　　of deposit with the same terms and interest rates.
　　An investor initially deposits 10,000 in the bank and withdraws both principal
　　and interest at the end of 6 years.
　　Calculate the maximum annual effective rate of interest the investor can earn
　　over the 6-year period.
　　(A) 5.09%
　　(B) 5.22%
　　(C) 5.35%
　　(D) 5.48%
　　(E) 5.61%
　　November 2005 11 Course FM
 
　　8. Matthew makes a series of payments at the beginning of each year for 20 years. The first
　　payment is 100. Each subsequent payment through the tenth year increases by 5% from
　　the previous payment. After the tenth payment, each pa
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