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Broverman Exam FM/2 Study Guide - 2019","","Study guide excerpts for the Society of Actuaries Exam FM, built on the 2019 syllabus and organized to mirror the SOA study notes and recommended references. It reviews mathematical topics including effective interest and discount rates, nominal rates, force of interest, annuities (immediate/due and with geometric or arithmetic progressions), loan amortization, bond valuation and callable bonds, measures of return on a fund, term structure and forward rates, duration and immunization, and interest rate swaps. 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BROVERMAN STUDY GUIDE FOR SOA EXAM FM/CAS EXAM 2  \n2019  \nTable of Contents Introductory Comments  \nSection 11-Bond Amortization, Callable Bonds  \nProblem Set 7-Annuities Whose Payments Follow a Geometric Progression  \n© S. Broverman, 2019  \nS. BROVERMAN EXAM FM/2 STUDY GUIDE  \n2019  \nTABLE OF CONTENTS  \nINTRODUCTORY NOTE  \nSECTION 1-Calculus Review and Effective Rates of Interest and Discount 1  \nPROBLEM SET 1 13  \nSECTION 2-Nominal Rates of Interest and Discount 19  \nPROBLEM SET 2 31  \nSECTION 3-Force of Interest, Inflation, Risk of Default 37  \nPROBLEM SET 3 47  \nSECTION 4-Annuity-Immediate and Annuity-Due 55  \nPROBLEM SET 4 63  \nSECTION 5-Annuity Valuation At Any Time Point 71  \nPROBLEM SET 5 79  \nSECTION 6-Annuities With Differing Interest and Payment Periods 85  \nPROBLEM SET 6 93  \nSECTION 7-Annuities Whose Payments Follow a Geometric Progression 101  \nPROBLEM SET 7 105  \nSECTION 8-Annuities Whose Payments Follow an Arithmetic Progression 117  \nPROBLEM SET 8 127  \nSECTION 9-Amortization of a Loan 139  \nPROBLEM SET 9 147  \nSECTION 10-Bond Valuation 165  \nPROBLEM SET 10 175  \nSECTION 11-Bond Amortization, Callable Bonds 183  \nPROBLEM SET 11 191  \n© S. Broverman, 2019  \nSECTION 12-Measures ofthe Rate ofReturn on a Fund 201  \nPROBLEM SET 12 209  \nSECTION 13-Term Structure, Forward Rates 217  \nPROBLEM SET 13 225  \nSECTION 14-Duration and Immunization 233  \nPROBLEM SET 14 243  \nSECTION 15-Interest Rate Swaps 253  \nPROBLEM SET 15 261  \nPROBLEM SET 16 Calculator Exercises 267  \nPRACTICE EXAM 1 277  \nPRACTICE EXAM 2 297  \nPRACTICE EXAM 3 317  \nPRACTICE EXAM 4 335  \nPRACTICE EXAM 5 353  \nPRACTICE EXAM 6 373  \nPRACTICE EXAM 7 395  \nPRACTICE EXAM 8 415  \n© S. Broverman, 2019  \nINTRODUCTORY NOTE  \nThis study guide is designed to help with the preparation for Exam FM of the Society of Actuaries. This study guide is based on the 2019 syllabus of the SOA.  \nAmong the references indicated by the SOA in the exam syllabus for Exam FM is the 6th (or 7th) edition of Mathematics of Investment and Credit by S. Broverman. Along with the SOA listed Text References, there are three SOA Study Notes as part of the readings for the FM exam. The notation and ordering of material will be mostly consistent with those references. This study guide covers all of the mathematical content of the two Study Notes titled \"Using Duration and Convexity to Approximate Change in Present Value\" and \"Interest Rate Swaps\". The third Study Note is titled \"Determinants of Interest Rates\". There is minimal mathematical content in that Study Note, but this study guide covers much of the content of that Study Note. It is recommended that those preparing for the FM exam read those Study Notes.  \nMany examples in this study guide are labeled \"SOA\", and some, \"EA1\". This indicates that the example is from a previous SOA or Enrolled Actuaries exam. The review part of this study guide is divided into 15 sections, each with a problem set, plus a Problem Set 16 which has exercises specifically for practice on the BA II PLUS calculator. This is followed by 8 practice exams. The exam is scheduled to be 3 hours long with 35 multiple choice questions. In addition, at the start of each section of notes is a reference to the appropriate sections in Mathematics of Investment and Credit in which the material is covered.  \nBecause of the time constraint on the exam, a crucial aspect of exam taking is the ability to work quickly. I believe that working through many problems and examples is a good way to build up the speed at which you work. It can also be worthwhile to work through problems that have been done before, as this helps to reinforce familiarity, understanding and confidence. Working many problems will also help in being able to more quickly identify topic and question types.  \nI have attempted, wherever possible, to emphasize shortcuts and efficient and systematic ways of setting up solutions. There are also occasional comments on interpretation of the languag","cbCaigKXTjcgdqFI","https://ap.wps.com/l/cbCaigKXTjcgdqFI","pdf",85908,24,"English","# INTRODUCTORY NOTE\n# SECTION 1-Calculus Review and Effective Rates of Interest and Discount\n# PROBLEM SET 1\n# SECTION 2-Nominal Rates of Interest and Discount\n# PROBLEM SET 2\n# SECTION 3-Force of Interest, Inflation, Risk of Default\n# PROBLEM SET 3\n# SECTION 4-Annuity-Immediate and Annuity-Due\n# PROBLEM SET 4\n# SECTION 5-Annuity Valuation At Any Time Point\n# PROBLEM SET 5\n# SECTION 6-Annuities With Differing Interest and Payment Periods\n# PROBLEM SET 6\n# SECTION 7-Annuities Whose Payments Follow a Geometric Progression\n# PROBLEM SET 7\n# SECTION 8-Annuities Whose Payments Follow an Arithmetic Progression\n# PROBLEM SET 8\n# SECTION 9-Amortization of a Loan\n# PROBLEM SET 9\n# SECTION 10-Bond Valuation\n# PROBLEM SET 10\n# SECTION 11-Bond Amortization, Callable Bonds\n# PROBLEM SET 11\n# SECTION 12-Measures ofthe Rate ofReturn on a Fund\n# PROBLEM SET 12\n# SECTION 13-Term Structure, Forward Rates\n# PROBLEM SET 13\n# SECTION 14-Duration and Immunization\n# PROBLEM SET 14\n# SECTION 15-Interest Rate Swaps\n# PROBLEM SET 15\n# PROBLEM SET 16 Calculator Exercises\n# PRACTICE EXAM 1\n# PRACTICE EXAM 2\n# PRACTICE EXAM 3\n# PRACTICE EXAM 4\n# PRACTICE EXAM 5\n# PRACTICE EXAM 6\n# PRACTICE EXAM 7\n# PRACTICE EXAM 8","[{\"question\":\"What exam and syllabus does this study guide prepare for?\",\"answer\":\"It is designed to help with preparation for the Society of Actuaries Exam FM, based on the 2019 syllabus.\"},{\"question\":\"How is the review material organized?\",\"answer\":\"The review part is divided into 15 sections with problem sets, followed by eight practice exams, plus an additional set of calculator exercises for the BA II PLUS.\"},{\"question\":\"Which major topics are covered in the mathematical review?\",\"answer\":\"Topics include effective and nominal interest and discount rates, force of interest and default risk, annuity valuation under different payment progressions, loan amortization, bond valuation including callable bonds, return measures, term structure and forward rates, duration and immunization, and interest rate swaps.\"}]","S. Broverman Exam FM/2 Study Guide - 2019 | PDF",1790495868]