[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-399082-105":59,"doc-detail-399082-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","a302-november-2015-exam-1-communications","A302 - November 2015 - Exam 1 - Communications","","Actuarial Society of South Africa A302 examination (26 October 2015), subject Communications, including candidate instructions, formatting and submission requirements, and time allocation. The paper contains written response tasks, including explaining annualised return versus accumulated balances using step-wise fund accumulation over 2013–2014, plus letter-writing guidance and word-count rules. It also includes a defined contribution pension fund advisory scenario requiring analysis of a proposed inclusive employer contribution basis and discussion of advantages and disadvantages for employer and members, supported by provided membership and cost assumptions.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":20,"@type":76,"position":81},"https://docshare.wps.com/document/exam/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/a302-november-2015-exam-1-communications/399082/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/a302-november-2015-exam-1-communications/399082.png","ImageObject",300,407,{"name":92,"@type":93},"Sarah ","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-21","2026-09-27",true,{"@type":102,"interactionType":103,"userInteractionCount":24},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"What are the key candidate instructions for submitting the A302 Communications exam?","Question",{"text":112,"@type":113},"Candidates must enter candidate and examination details at the start of each question, ensure the candidate number appears at the top of each page, save work continuously during the exam on the provided computer, and save each question in a new file. Typing answers must not begin until instructed by the invigilator, and calculations should be shown where appropriate.","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"How is an annualised return defined in Question 1?",{"text":117,"@type":113},"Annualised returns are periodic returns rescaled to a one-year period. They reflect average annual returns earned on the investment, allowing for compounding of returns over longer horizons.",{"name":119,"@type":110,"acceptedAnswer":120},"What does Question 2 ask the actuary to address regarding the XYZ Pension Fund?",{"text":121,"@type":113},"The trustees request an explanation of a proposed change to an inclusive employer contribution basis from 2016, including the advantages and disadvantages for both the employer and members. The actuary is not asked to decide whether to accept the proposal.","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},399082,1791405443,{"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":24,"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},962085320529,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","Actuarial Society of South Africa  \nEXAMINATION  \n26 October 2015  \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 centre).  \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, saving each question in a new file.  \n8. Candidates should show calculations where this is appropriate.  \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 work continuously throughout the exam at the location indicated by the invigilator.  \nHand in your question paper with any additional sheets firmly attached.  \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  \nYou are an investment consultant with a small actuarial firm. Mr Bill Yates, a long-standing client, invested R1 million in each of Grow Sure’s Fund A and Fund B on 1 January 2013. Fund A and Fund B are unit trusts that send out annual statements. His 1 January 2015 statements showed that both funds had achieved an annualised return of 7% pa over the last two years. However, the accumulated balance in Fund A was greater than that in Fund B.  \nMr Yates wrote you a letter asking what an annualised return is. He included copies of both statements. He ended with “How is it possible to get a 7% annualised return in both funds, but end up with R17 850 more in one fund than the other? I invested an equal amount in both and made the same deposit into both. My broker even mentioned that the funds earned the same returns.”  \nWrite a letter of between 500 and 600 words to your client in response to his questions.  \nYou have previously discussed investment returns with Mr Yates and may assume that he understands the accumulation of a lump sum investment after one year under positive and negative annual returns. This may be used as a starting point in an explanation of fund accumulation over a longer period.  \nYou have decided that the best way to explain the difference in accumulated amounts is by showing the accumulation of his initial investment and subsequent deposit separately.  \nNotes:  \n􀁸 Mr Yates dislikes formula-based explanations and prefers a step-wise explanation.  \n􀁸 Mr Yates deposited a further R70 000 in each fund on 31 December 2013.  \n􀁸 The individual statements show that:  \no Fund A earned annual returns of-5% and 20 .5% for 2013 and 2014, respectively.  \no Fund B earned annual returns of 20.5% and-5% for 2013 and 2014, respectively.  \n􀁸 Values shown in the investment statements are correct.  \n􀁸 Annualised returns are determined based on the growth of lump sum investments. They are periodic returns rescaled to a period of 1 year. As such, they can be seen as average annual returns earned on the investment, allowing for the compounding of returns.  \n􀁸 As you’ll be using a company letterhead, create all other format details.  \n􀁸 Indicate word count on your draft solution. Count your words from the subject line to the closing sentence without counting address(e","cbCailhK2d0bVvaW","https://ap.wps.com/l/cbCailhK2d0bVvaW","pdf",587538,"English","# Question 1\n## Investment consulting letter on annualised return and fund accumulation\n# Question 2\n## Advisory explanation of inclusive employer contribution basis for a defined contribution pension fund","[{\"question\":\"What are the key candidate instructions for submitting the A302 Communications exam?\",\"answer\":\"Candidates must enter candidate and examination details at the start of each question, ensure the candidate number appears at the top of each page, save work continuously during the exam on the provided computer, and save each question in a new file. Typing answers must not begin until instructed by the invigilator, and calculations should be shown where appropriate.\"},{\"question\":\"How is an annualised return defined in Question 1?\",\"answer\":\"Annualised returns are periodic returns rescaled to a one-year period. They reflect average annual returns earned on the investment, allowing for compounding of returns over longer horizons.\"},{\"question\":\"What does Question 2 ask the actuary to address regarding the XYZ Pension Fund?\",\"answer\":\"The trustees request an explanation of a proposed change to an inclusive employer contribution basis from 2016, including the advantages and disadvantages for both the employer and members. The actuary is not asked to decide whether to accept the proposal.\"}]","A302 - November 2015 - Exam 1 - Communications | PDF",1790492437]