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The instructions cover logging in, formatting candidate details, managing time, completing and presenting answers, showing calculations and word counts, and saving work. Question 1 tasks the student with drafting a 500–600 word letter advising Christina on inflation-related investments (index-linked government savings bonds, equity unit trusts, and property investments) using specified cash-flow assumptions. 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They must attempt all questions on new pages and show calculations and a word count where required.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"What investment options are analyzed in Question 1?",{"text":117,"@type":113},"The analysis is restricted to index-linked government savings bonds, equity unit trusts, and property investments. Property comments are limited to direct investment and property unit trusts.",{"name":119,"@type":110,"acceptedAnswer":120},"How are pensions and pension increases defined in Question 2?",{"text":121,"@type":113},"Members’ initial annual pension payments are 2% of final-year salary for each complete year worked. Pensions are paid from normal retirement age until death, with retired members’ pensions increased by 8% per year on 1 January, with pro rata increases for retirees between increase dates.","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},399100,1791958568,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":19,"category_name":20,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":19,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":19,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":143,"read_time":52,"preview_page_count":4},962088006270,"https://ap-avatar.wpscdn.com/davatar_085a072bc5b1113ac321206ff7593b45","Actuarial Society of South Africa  \nEXAMINATION  \n27 October 2014 (a.m.)  \nSubject A302-Communications  \nTime allowed: Three hours  \nINSTRUCTIONS TO THE CANDIDATE  \n1. Candidates will be issued with instructions to log-in using a password (which you will be provided with at the exam center).  \n2. Enter all the candidate and examination details at the beginning of each question. Ensure that your Candidate number appears at the top of each page handed in. [Select “Insert”, then “Header”, input your candidate number on blank header template and select “Close Header”].  \n3. Save your work continuously throughout the exam, on the provided computer’s hard drive.  \n4. You have 15 minutes at the start of the examination to read the questions. You are strongly encouraged to use this time for reading only, but notes may be made. You then have three hours to complete the paper.  \n5. You must not start typing your answers until instructed to do so by the invigilator/supervisor.  \n6. Mark allocations are shown in brackets on exam papers.  \n7. Attempt all questions, beginning your answer to each question on a new page.  \n8. Candidates should show calculations where this is appropriate.  \n9. Candidates are required to do a word count – don’t forget to show this at the end ofeach question.  \nNote: The Actuarial Society of South Africa will not be held responsible for loss of data where candidates have not followed instructions as set out above.  \nAT THE END OF THE EXAMINATION  \nSave your answers on the hard drive.  \nIn addition to this paper you should have available the 2002 edition of the Formulae and Tables and your own electronic calculator from the approved list.  \nQuestion 1  \nYour aunt, Christina, is 55 years old and is the Deputy Headmistress at a private girl’s school. She recently won U100 000, the equivalent of one year’s salary, in Utopia’s government lottery. Individuals who win significant amounts of prize money in the lottery are required to attend a day long basic investment seminar.  \nChristina attended the seminar and decided that she wants to use her winnings to buy a new Yogata car when she retires at age 65. She called a Yogata salesman last week and confirmed that her winnings would be just sufficient to allow her to purchase a mid-range Yogata today. She believes that she needs to invest in an asset that earns inflation-related returns to be able to afford a similar car when she retires. She also mentioned that she will be upset if she cannot afford her ideal car on retirement. Any money left over after buying the car will be used to subsidise a holiday at retirement.  \nYou are an honour’s year actuarial student at Learning University. Christina has written to you to help her decide where to invest her winnings. The investment seminar identified index-linked government savings bonds, shares and property investments as earning long term returns that are related to inflation. The functioning of Utopia’s sole equity unit trust investment was explained, but property unit trusts were not mentioned.  \nChristina wants to choose an investment that requires very little effort and expertise on her part. She has therefore decided that direct equity investment is not a suitable option, but that equity unit trusts sound good.  \nYour course notes state that index-linked government savings bonds with a 10, 15 or 20 year terms are available. They provide a low initial bi-annual income that increases with price inflation. Initial capital, increased with price inflation, is repaid at the end of the term. Initial capital investments in any multiple of U10 000 are permitted i.e. a U30 000 investment is acceptable, but not a U35 000 one. Income can be paid out in cash or automatically reinvested.  \nDraft a letter of between 500 and 600 words to Christina explaining which investment best suits her needs. You are unsure of how well the various investments were covered in the lottery seminar and have decided to briefly summarise the expected c","cbCaigeWwAbO6Wbf","https://ap.wps.com/l/cbCaigeWwAbO6Wbf","pdf",285854,"English","# INSTRUCTIONS TO THE CANDIDATE\n## AT THE END OF THE EXAMINATION\n# Question 1\n# Question 2","[{\"question\":\"What are the key exam instructions candidates must follow?\",\"answer\":\"Candidates must log in using a provided password, enter candidate and examination details at the start of each question, ensure the candidate number appears at the top of every page, save work continuously, and follow timing and typing instructions from the invigilator. They must attempt all questions on new pages and show calculations and a word count where required.\"},{\"question\":\"What investment options are analyzed in Question 1?\",\"answer\":\"The analysis is restricted to index-linked government savings bonds, equity unit trusts, and property investments. Property comments are limited to direct investment and property unit trusts.\"},{\"question\":\"How are pensions and pension increases defined in Question 2?\",\"answer\":\"Members’ initial annual pension payments are 2% of final-year salary for each complete year worked. Pensions are paid from normal retirement age until death, with retired members’ pensions increased by 8% per year on 1 January, with pro rata increases for retirees between increase dates.\"}]","A302 - Communications - November 2014 Exam - 1 | PDF",1790492712]