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1.

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

Out of 400 lives initially, we expect 400* 40 p25 400*


Survivors with standard deviation of

l65
7,533,964
400*
315.0633
9,565, 017
l40

400* 40 p25 1 40 p25 8.1793

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

e 0.06 t 0.05e 0.08(5t ) dt


0

e 0.40 (0.05) e 0.02 t dt


0

5
e 0.40 e 0.10 1 0.1762
2

5.

a x:n 1 vp xax1:n1 1 1 k vpx ax1:n1 1 1 k ax:n 1


Therefore, we have
k

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

0.42296 1.79085(0.51081)(0.45120)(0.57228) 0.186751

7.

Let G be the annual gross premium. By the equivalence principle, we have


Ga35 100,000 A35 0.15G 0.04Ga35
so that
G

8.

100,000 0.12872
100,000 A35

880.023
0.96a35 0.15 0.96 15.3926 0.15

By the equivalence principle,


4500a x :20 100,000 A x1:20 Ra x :20

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( )

Solving for R, we have


0.3031
R 4500 100,000
500
7.5774

9.

By the equivalence principle, we have


Ga35:10 50,000 A35 100a35 100 A35

so that
G

50,100 A35 100 a35 1


a35 10 E35a45

50,100 0.12872 100 14.3926


15.3926 0.54318 14.1121

1020.828

20(0.12)

0.3031

10.

Let P be the annual net premium

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

Premium at issue for (20): 65.28 /16.5133 3.9531


Premium at issue for (50): 249.05 /13.2668 18.7724
Lives in force after ten years:
Issued at age 20: 10, 000 10 p20 10, 000

9,501,381
10, 000 0.9878953 9878.953
9, 617,802

Issued at age 50: 10, 000 10 p50 10, 000

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.

Calculating the reserve, 15V A50:15

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

v q x a25:20 1 P 20 E25 a45:20 Pa25:40

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

For insurance of 10,000, 233.

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.

Let P be the annual net premium at x+1.

Pax 1 1000 k 0 1.03

k 1

v k 1 k | qx 1 1000 Ax*1

We are given

110ax 1 1000 k 0 1.03

k 1

v k 1 k | qx 1 1000 Ax*

Which implies that


110 1 v px ax1 1000 1.03 v qx 1.03 v px Ax*1

Solving for Ax*1 , we get


110
1 v 0.95 7 1.03v 0.05
*
1000
Ax1
0.8141032
1.03v 0.95

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

retirement retirement benefit


V

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*

The two are equal, so that


S0

1250 25
37,518.69
1.0425 1
0.02

0.04