23. The present value of a 25-year annuity-immediate with a first payment of 2500 and
decreasing by 100 each year thereafter is X.
Assuming an annual effective interest rate of 10%, calculate X.
(A) 11,346
(B) 13,615
(C) 15,923
(D) 17,396
(E) 18,112
November 2005 27 Course FM
24. A 30-year bond with a par value of 1000 and 12% coupons payable quarterly
is selling at 850.
Calculate the annual nominal yield rate convertible quarterly.
(A) 3.5%
(B) 7.1%
(C) 14.2%
(D) 14.9%
(E) 15.4%
November 2005 28 Course FM
25. The parents of three children, ages 1, 3, and 6, wish to set up a trust fund that will pay X
to each child upon attainment of age 18, and Y to each child upon attainment of age 21.
They will establish the trust fund with a single investment of Z.
Which of the following is the correct equation of value for Z ?
(A) 17 15 12 20 18 15
X Y
v v v v v v
+
+ + + +
(B) 18 21 3 Xv Yv   +  
(C) 3 20 18 15 3Xv Y v v v   + + +  
(D)
20 18 15
3 ( )v v v X Y
v
+ +
+
(E) 17 15 12 20 18 15 X v v v Y v v v     + + + + +    
November 2005 29 Course FM
Final Answer Key
Course FM
November 2005
1 D
2 C
3 C
4 D
Dropped 5
6 A
7 D
8 B
9 E
10 C
11 B
12 B
13 A
14 B
15 B
16 C
17 D
18 D
19 E
20 D
21 D
22 B
23 C
24 C
25 E

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