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    102 Read Me

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    api-3719521
    This document provides instructions for using an online course to prepare for an exam in 102. The course contains over 500 slides divided into 15 sessions, each covering a different part of the syllabus. Learners can work through the material at their own pace, doing exercises in each session. Difficult topics can be clarified through optional online tutorials. The document recommends explaining session content to other students as a way to test and deepen understanding. Learners are encouraged to draw pictures and understand concepts in their own words rather than relying on memorization. Feedback about the course is also welcomed. An index lists the topics covered in each of the 15 sessions.

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    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    102 Read Me

    Uploaded by

    api-3719521
    49 views5 pages
    This document provides instructions for using an online course to prepare for an exam in 102. The course contains over 500 slides divided into 15 sessions, each covering a different part of the syllabus. Learners can work through the material at their own pace, doing exercises in each session. Difficult topics can be clarified through optional online tutorials. The document recommends explaining session content to other students as a way to test and deepen understanding. Learners are encouraged to draw pictures and understand concepts in their own words rather than relying on memorization. Feedback about the course is also welcomed. An index lists the topics covered in each of the 15 sessions.

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    102 READ ME

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    This document provides instructions for using an online course to prepare for an exam in 102. The course contains over 500 slides divided into 15 sessions, each covering a different part of the syllabus. Learners can work through the material at their own pace, doing exercises in each session. Difficult topics can be clarified through optional online tutorials. The document recommends explaining session content to other students as a way to test and deepen understanding. Learners are encouraged to draw pictures and understand concepts in their own words rather than relying on memorization. Feedback about the course is also welcomed. An index lists the topics covered in each of the 15 sessions.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    49 views5 pages

    102 Read Me

    Uploaded by

    api-3719521
    This document provides instructions for using an online course to prepare for an exam in 102. The course contains over 500 slides divided into 15 sessions, each covering a different part of the syllabus. Learners can work through the material at their own pace, doing exercises in each session. Difficult topics can be clarified through optional online tutorials. The document recommends explaining session content to other students as a way to test and deepen understanding. Learners are encouraged to draw pictures and understand concepts in their own words rather than relying on memorization. Feedback about the course is also welcomed. An index lists the topics covered in each of the 15 sessions.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 5

    How to use this course

    The following slides make up a complete course in 102.

    That is - if you have A-Level Maths and enough patience, you can simply
    work through the 500 or so slides, doing each exercise, and pass 102
    with confidence.

    The slides are divided into 15 “sessions”. Each session covers one part of
    the syllabus, and develops your understanding of it in practice, by going
    through exam questions.

    You may find that certain sessions seem unfamiliar. Don’t waste your time
    getting bogged down in them. Book a telephone tutorial at
    http://myweb.tiscali.co.uk/kseducation/booktutorial.htm and move on.
    Every tutorial is covered by a 100% no quibble guarantee. If you are
    not 100% satisfied you pay nothing. Your employer may reimburse the
    cost through its study support policy.

    Owen Kellie-Smith April 2004.


    1
    Understand and forget

    The principle in this course is to make everything as obvious and familiar


    as possible. So, I encourage you to draw pictures whenever you can.

    You may have a very good memory that can remember pages of
    bookwork, and formulae. Lucky you. We won’t rely on that, however,
    in this course. I want you to understand everything in your own words.

    For instance, you don’t carry notes on “addition”. Adding up is a familiar


    process that you understand and can do “instinctively” (ie you’ve
    practised it so often you may have forgotten how you learnt it). I want
    you to get similarly familiar with this subject. Ideally you won’t have
    anything to revise at all.

    2
    Do I really understand?
    A fast way of both testing and developing your understanding, is to explain
    the subject to someone else. One successful way of using this course,
    is to alternate with other students. You arrange a weekly 1.5 hour
    meeting, and agree who will present it. (One meeting is enough for
    each session). Both you and the other students read the session notes
    and practise questions before the meeting, and at the meeting itself the
    presenter:

    a) Explains the jargon & any new mathematical ideas for that session.
    b) Goes through the key question (writes out the solution, inviting the other
    students to provide as much of the answer as possible)
    c) Asks the other students which questions or solutions they found difficult
    to follow, and works to understand them together.

    This also helps get you on your feet explaining things to interested people,
    which is a large part of what actuaries do.

    3
    Feedback
    If you have any feedback that doesn’t require a reply - e.g. if you found
    part of the course obscure, or if you found any errors in the course,
    please send me an email at [email protected].

    (If you want to discuss anything, please book a tutorial at


    http://myweb.tiscali.co.uk/kseducation/booktutorial.htm .)

    Thanks

    Owen Kellie-Smith April 2004

    4
    102 Index
    1. Interest/discount rates slide 6
    2. δ(t) 67
    3. annuities certain 82
    4. Increasing annuities 105
    5. Net present value 130
    6. Mortgage schedules 162
    7. Calculating interest rate 197
    8. Payback period 251
    9. TWRR LIRR (performance measurement) 279
    10. Par yield 309
    11. Forward prices 326
    12. Forward interest rates 348
    13. Duration (sensitivity) 372
    14. Convexity & immunisation 404
    15. Random rates 432
    16. Examiner’s comments (on rounding) 484

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