高顿网校小编友善提醒北美精算师的小伙伴们拿出恒心攻克SOA真题——November2005ExamFM北美精算师考试（三）。
　　yment decreases by 5% from the
　　previous payment.
　　Calculate the present value of these payments at the time the first payment is made using
　　an annual effective rate of 7%.
　　(A) 1375
　　(B) 1385
　　(C) 1395
　　(D) 1405
　　(E) 1415
　　November 2005 12 Course FM
 
　　9. A company deposits 1000 at the beginning of the first year and 150 at the beginning of
　　each subsequent year into perpetuity.
　　In return the company receives payments at the end of each year forever. The first
　　payment is 100. Each subsequent payment increases by 5%.
　　Calculate the company’s yield rate for this transaction.
　　(A) 4.7%
　　(B) 5.7%
　　(C) 6.7%
　　(D) 7.7%
　　(E) 8.7%
　　November 2005 13 Course FM
 
　　10. A company must pay liabilities of 1000 and 2000 at the end of years 1 and 2,
　　respectively. The only investments available to the company are the following
　　two zero-coupon bonds:
　　Maturity
　　(years)
　　Effective
　　annual yield Par
　　1 10% 1000
　　2 12% 1000
　　Determine the cost to
　　高顿网校之名人哲理精要：中华其睡狮乎?闻之当勃然兴；中华其病象乎?闻之当霍然起。盖青年者，国家之魄，“晨钟”者，青年之友。青年当努力为国家自重。——李大钊