Exam FM – Financial Mathematics

5 个单元 · 29 个章节

免费 Exam FM – Financial Mathematics 学习笔记，适合 SOA (Society of Actuaries) 学生。每个章节都覆盖一个重点主题，并附例题与可延伸到 thinka app 的练习提示。

Time Value of Money

Interest and discount terminology
Solving time value of money problems with simple and compound interest
Converting between interest rates, discount rates, and the force of interest
Writing the equation of value

Annuities/Cash Flows with Non-Contingent Payments

Annuity terminology and definitions
Level annuity, finite term
Level perpetuity
Arithmetic progression annuities (finite term and perpetuity)
Geometric progression annuities (finite term and perpetuity)
Other non-level annuities/cash flows

Loans

Loan terminology and definitions
Solving for a missing loan quantity
Outstanding loan balance
Interest and principal repayment in a payment
Loan refinancing calculations

Bonds

Bond terminology and definitions
Price, book value, and market value
Redemption value and face value
Yield rate
Coupon and coupon rate
Term of bond and timing of a given book value
Price of a callable bond for a minimum yield

General Cash Flows, Portfolios, and Asset Liability Management

Yield curves, rates of return, duration, convexity, and immunization terminology
Duration and convexity of a set of cash flows
Macaulay and modified duration
Approximate change in present value from an interest rate change
Present value using a yield curve from spot and forward rates
Redington and full immunization
Cash flow matching

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