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The probability of being fully functional after two years for a single television is:
0.82
0.82 0.10 0.08 0.60 0.82*0.82 0.10*0.60 0.08*0.00 0.7324
0.00
The number of the five televisions being fully functional has a binomial distribution with
parameters of n 5 and p 0.7324. The probability that there will be exactly two
televisions that are fully functioning is therefore:
5
3
2
0.7324 1 0.7324 10*0.53641*0.019163 0.10279
2
2.
x
d
1 d
x
lnS0 x
ln 1
dx
3 d x 60
1
1
x
1
1
180 60
3 60 x
Therefore, 35
3.
1
1
0.0133.
3 25 75
l65
7,533,964
400*
315.0633
9,565, 017
l40
To ensure 86% funding, using the normal distribution table, we plan for
315.0633 1.08 8.1793 323.8969.
40
1
The initial fund must therefore be F 324*15200*
478, 799.80.
1.06
4.
Probability
5
0
p 00 01 5t p11dt
5
e 0.40 e 0.10 1 0.1762
2
5.
ax : n 1
ax :n 1
21.167
1 0.015
20.854
6.
100,000 A
1
1
1
1
100,000 A50:10
A60:10
A50:60:10
50 : 60 : 10
100,000 0.060495 0.136785 0.186751 1,052.89
where
1
A50 10 E50 A60 0.24905 (0.51081)(0.36913) 0.060495
A50:10
1
A60 10 E 60 A70 0.36913 (0.45120)(0.51495) 0.136785
A60:10
1
A 50 60 (1.06)10
A50:60:10
10
E 50
10
E 60 A60:70
7.
8.
100,000 0.12872
100,000 A35
880.023
0.96a35 0.15 0.96 15.3926 0.15
where
0.04
1 e
0.12
A x1:20
1 c
a x:20
1 e 20( ) 1 e 20(0.12)
7.5774
0.12
20( )
9.
so that
G
1020.828
20(0.12)
0.3031
10.
1000 A x:n
ax:n
where
ax:n
1 A x:n
A x:n
d
i
1000(0.192)
ax:n
1
x:n
(1.05)
1 A1x:n Ax:n1
(0.05)
Ex
0.05
A 1 0.172
0.0488 x :n
0.01952
0.192
A 1x :n
a x :n
1.05
(1 0.01952 0.172) 16.97808
0.05
Therefore, we have
P
11.
1000 0.192
11.31
16.97808
9,501,381
10, 000 0.9878953 9878.953
9, 617,802
8,188, 074
10, 000 0.9147765 9147.765
8,950,901
The total number of lives after ten years is therefore: 9878.953 9147.765 19, 026.718
The average premium after ten years is therefore:
(3.9531 9878.953) (18.7724 9147.765)
11.078
19, 026.718
12.
2
V L 0 #1 B1 1 2 A x Ax2 20.55
d
w
2
1.25(1.06)
8
w 20.55
(0.06)
1.875
V L0 # 2 12
1.06 w
0.06
1.875
12
(1.06)
V L # 2
0.06
2.25
2
V L #1
1.25
8 0.06 (1.06)
V L # 2 2.25 20.55 46.24
Or:
2
12
W V L0 #1 (1.5) 2 20.55 46.24 (because both premium and benefit are
8
scaled by 1.5)
13.
1 A35: 30
A35:30
a35:30
a50:15
1 0.255
15.645
0.05
d
1.05
1 A50:15 1 0.506
10.374
And a50:15
0.05
d
1.05
0.255
So that 15V 0.506
10.374 0.3369128
15.645
SC = surrender charge
15V SC 0.40 A50:15 SC 15V 0.40 A50:15
Where a35:30
0.3369128 0.40(0.506)
0.1345128
For insurance of 2000, SC = 269.0256
14.
AV 0 0
P1 4, 450
EC 1 56 2%* 4, 450 145.00
COI rate q 36* 1.2*0.00214 0.002568
COI 1 200,000*0.002568*(1/1.06) 484.53
Credited Interest: 6% * ($4, 450 142 484.53) 229.41
AV1 4, 450 145 484.53 229.41 4,049.88
15.
We have
P a25:20 P 20 E25a45:20 v qx
a25:20 1
Where P
P a25:20 v qx
a25:20 1
A25:40
1
d 0.02161656
a25:40 a25:40
0.02161656(11.087)
11.087 1
1
0.005
1.04
0.02328295
16.
q 50 0.00592, q 51 0.00642
AV1 1369.895
q
AV2 AV1 5000 1 0.035 75 500,000 AV2 1.20 51 1.045
1.03
AV2 2506.787
17.
k 1
v k 1 k | qx 1 1000 Ax*1
We are given
k 1
v k 1 k | qx 1 1000 Ax*
Thus, we have
P
18.
1000 0.8141032
116.3005
7
Under PUC:
V accrual rate years of past service survival to retirement discount to
30
35
years of service 1
years of service
V C 36V
35
35
26
35 35V
V
26
35V C 35
35 35V
35
19.
By age 65, member would have served total of 35 years in which case, benefit would be
35 0.02 70%. Thus set it at 60%.
EPV(benefits) 0.60 50,000 (1.03) 19
( )
1 l 65 (12)
a65
1.05 20 l 45( )
20
1 3
19
0.60 50,000
7.8 (1.03)
1.05 5
92,787.29
20.
Replacement ratios
Plan 1: R
Plan 2: R
1250* 25
S0 (1.04) 24
1.0425 1 1
*
0.04
25
24
S0 (1.04)
S0 *0.02* 25*
1250 25
37,518.69
1.0425 1
0.02
0.04