CT1 is one of the nine Core Technical (CT) subjects. Previously a non-member could only apply for the CT1 exam. For the April exams, non-members were able to apply for either CT1 (Financial Mathematics) or CT3 (Probability and Mathematical Statistics). Subject CT1 - Financial mathematics - Further suggested reading. Title links lead to book details on the IFoA Library catalogue. From here members, students. Download Institute of Actuaries Of India-Subject CT1-Financial Mathematics Papers. Download Institute of Actuaries Of India-Subject CT1-Financial Mathematics.
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Calculate upper and lower bounds for the present value of a fixed interest security that is redeemable on a single date within a given range at the option of the borrower.
Calculate the running yield and the redemption yield from a fixed interest security as in 1. Calculate the present value or yield from an ordinary share and a property, given simple but not necessarily constant assumptions about the growth of dividends and rents.
Solve an equation of value for the real rate of interest implied by the equation in the presence of specified inflationary growth. Calculate the present value or real yield from an index-linked bond, given assumptions about the rate of inflation.
Calculate the price of, or yield from, a fixed interest security where the investor is subject to deduction of income tax on coupon payments and redemption payments are subject to the deduction of capital gains tax. Calculate the value of an investment where capital gains tax is payable, in simple situations, where the rate of tax is constant, indexation allowance is taken into account using specified index movements and allowance is made for the case where an investor can offset capital losses against capital gains.
Calculate the delivery price and the value of a forward contract using arbitrage free pricing methods. Define arbitrage and explain why arbitrage may be considered impossible in many markets.
Calculate the price of a forward contract in the absence of arbitrage assuming: no income or expenditure associated with the underlying asset during the term of the contract a fixed income from the asset during the term a fixed dividend yield from the asset during the term.
Calculate the value of a forward contract at any time during the term of the contract in the absence of arbitrage, in the situations listed in 2 above.
Show an understanding of the term structure of interest rates. It is able to invest in two zero-coupon bonds with a term to redemption of three years and 12 years respectively.
Calculate: a Present value of the liabilities of the pension fund b Duration of the liabilities of the pension fund c Nominal amount that should be invested in the zero-coupon bonds to ensure that the present values and durations of the assets and liabilities is the same  iii. The first installment is Rs. From the age of 45, the member increases his investment to Rs. At each birthday thereafter the annual rate of investment is further increased by Rs.
The investments continue to be made monthly in advance for 20 years until the individuals 65th birthday. Under the terms of the ordinary share issue, the investor is to purchase 1,, shares at a purchase price of 45p each on 1 January No dividend is expected to be paid for 2 years.
The first dividend payable on 1 January is expected to be 5p per share. Dividends will then be paid every 6 months in perpetuity.
The bond will be redeemed at Rs. The inflation rate is assumed to be constant at 2. Calculate the price per Rs. Calculate the expected accumulation in 25 years time if Rs.
The benefits payable at the end of the first year total Rs.
Thereafter, the benefits are expected to increase at a fixed rate of 3. The longest-dated bond currently available in the market is a zero-coupon bond redeemed in exactly 15 years. Explain why it will not be possible to immunize this pension fund against small changes in the rate of interest. The project requires an investment of Rs.
It is expected that 6 ActuarialAnswers Sample Paper CT1 Financial Mathematics the investment will provide income over a 15 year period starting from the beginning of the third year.
Net income from the project will be received continuously at a rate of Rs. At the end of this 15 year period there will be no further income from the investment.
Net present value of the project  ii.