> QSPy x?bjbj {{e7bbDDT 6***$."$*****4 rrr*r*rrtpo$ 0T %r%0% **r*****r***T ****%*********b : EA-1(A) Examination Questions
Spring, 2000
Question 1
Purchase date of a perpetuity-due: 1/1/2000.
Level payment amount: $100.
Frequency of payments: Annual.
Cost of perpetuity: $1,100.
Interest rate for perpetuity: i%, compounded annually.
Immediately following the payment of 1/1/2014, the remaining future payments are sold at a yield rate of i%. The proceeds are used to purchase an annuity certain as follows:
Term of annuity: 10 years.
First payment of annuity: 1/1/2018.
Frequency of annuity payments: Semi-annual on January 1 and July 1.
Interest rate for annuity: i% compounded annually.
In what range is the semi-annual annuity payment?
[A] Less than $75
[B] $75 but less than $77
[C] $77 but less than $79
[D] $79 but less than $81
[E] $81 or more
Question 2
Smith's age at inception of mortgage: 40.
Mortgage inception date: 1/1/2000.
Amount of mortgage: $100,000.
Term of mortgage: 9 years.
Timing of payments: Annually at the end of each year.
On 1/1/2000 Smith purchases an insurance policy which will make the remaining mortgage payments in the event of his death prior to the last payment.
Interest rate: 4% per year, compounded annually.
Selected annuity factor: EMBED Equation.3 = 7.6923
In what range is the present value of Smith's death benefit on 1/1/2000?
[A] Less than $6,750
[B] $6,750 but less than $7,750
[C] $7,750 but less than $8,750
[D] $8,750 but less than $9,750
[E] $9,750 or more
Question 3
Smith, age 70, considers the purchase of a single premium $10,000 whole life policy with death benefits payable at the end of the year. The net single premium is $7,000.
He decides to delay the purchase until age 73 and invests the $7,000 for the three year period.
At age 73, Smith's fund is exactly equal to the age 73 net single premium for the insurance.
Selected values:
x lx
100
96
90
80
Interest rate for the insurance: 6% per year, compounded annually.
Yield rate for the investment: X% per year, compounded annually.
In what range is X%?
[A] Less than 1.9%
[B] 1.9% but less than 2.4%
[C] 2.4% but less than 2.9%
[D] 2.9% but less than 3.4%
[E] 3.4% or more
Question 4
Smith, Brown, and Green are all age 81.
e80 = 9.8694
e81 = 9.3315
3p80 = 0.8642
In what range is the probability that at least two of the three will die prior to attaining age 83?
[A] Less than 0.0230
[B] 0.0230 but less than 0.0240
[C] 0.0240 but less than 0.0250
[D] 0.0250 but less than 0.0260
[E] 0.0260 or more
Question 5
Twenty $5,000 bonds, each with the same purchase price, are purchased on 1/1/2000. They are to be redeemed one each year starting 1/1/2015.
Coupon rate: 4% per year, payable semiannually.
Yield rate for entire series: 5% per year, compounded semiannually.
What percentage of the bonds has a yield rate higher than 5% per year, compounded semiannually?
[A] 40%
[B] 45 %
[C] 50%
[D] 55%
[E] 60%
Question 6
Smith and Brown both retire at 1/1/2000. Each receives $500 at the beginning of each month as life annuities. Both are age 80 as of 1/1/2000.
P is the probability as of 1/1/2000 that Smith will receive no more than $12,000 and that Brown will receive at least as much as Smith but no more than $18,000.
Selected values:
x qx
0.0813
0.0885
0.0962
0.1043
In what range is P?
[A] Less than 1.25%
[B] 1.25% but less than 2.00%
[C] 2.00% but less than 2.75%
[D] 2.75% but less than 3.50%
[E] 3.50% or more
Question 7
On 1/1/2000, Smith takes out a loan of $5,000. The loan agreement requires monthly payments, beginning on 1/31/2000, of 2% of Smith's monthly compensation.
Interest rate for the loan: 12% per year, compounded monthly.
Future compensation increases: 5% per year, effective each January 1.
Smith's compensation during 2000: $3,000 per month.
In what range is the outstanding balance of the loan as of 1/1/2002?
[A] Less than $4,660
[B] $4,660 but less than $4,680
[C] $4,680 but less than $4,700
[D] $4,700 but less than $4,720
[E] $4,720 or more
Question 8
( = .07
The modified duration of a 20-year bond with 7% annual coupons with a maturity and par value of $1,000 is y.
In what range is y?
[A] Less than 10.50
[B] 10.50 but less than 10.70
[C] 10.70 but less than 10.90
[D] 10.90 but less than 11.10
[E] 11.10 or more
Question 9
Type of insurance: Term to age 65.
Age of insured at issue: 35.
Death benefit: $100,000 payable at end of year of death.
Interest rate: 7% per year.
Selected commutation functions:
x Dx Nx
35 894,190 12,364,661
36 864,024 11,470,471
65 94,414 868,053
66 86,246 773,639
In what range is the level net annual premium for the policy?
[A] Less than $415
[B] $415 but less than $425
[C] $425 but less than $435
[D] $435 but less than $445
[E] $445 or more
Question 10
Terms of a 20-year annuity-certain:
Initial payment: $300 due 1/1/2000.
Payment pattern:
All payments are made on January 1.
Payments increase by $300 each year beginning 1/1/2001 through 1/1/2009.
Payments decrease by $200 each year beginning 1/1/2010 through 1/1/2019.
Interest rate: 7% per year, compounded annually for the first 10 years;
6% per year, compounded annually thereafter.
In what range is the present value of the annuity as of January 1, 2000?
[A] Less than $18,600
[B] $18,600 but less than $18,800
[C] $18,800 but less than $19,000
[D] $19,000 but less than $19,200
[E] $19,200 or more
Question 11
Selected values from a two-decrement table:
EMBED Equation.3 = 0.009033
EMBED Equation.3 = 0.040747
EMBED Equation.3 = 7120.0
Assumptions: Deaths and withdrawals are uniformly distributed in each year of age in their respective associated single decrement tables.
In what range is EMBED Equation.3 ?
[A] Less than 288.0
[B] 288.0 but less than 290.0
[C] 290.0 but less than 292.0
[D] 292.0 but less than 294.0
[E] 294.0 or more
Question 12
A city is analyzing the terms of two five-year contracts for park maintenance, with each contract commencing 1/1/2000.
Terms of Contract A:
$20,000 per month in the first year, payments at the end of each month. In each subsequent year, the monthly charge will be 2.75% higher than in the prior year.
Terms of Contract B:
$10,000 on the 15th of each month and $10,000 at the end of each month in the first year. In each subsequent year, the semi-monthly charge will be 2.50% higher than in the prior year. In addition, a one-time payment is to be made on 1/1/2000 of $X.
Interest rate: 6% per year, compounded semi-monthly.
In what range is $X so that the present values of the contracts are the same on 1/1/2000?
[A] Less than $1,670
[B] $1,670 but less than $4,688
[C] $4,688 but less than $7,706
[D] $7,706 but less than $10,724
[E] $10,724 or more
Question 13
Date of a loan: 1/1/1990.
Amount of loan: $100,000.
Interest rate: 12% per year, compounded monthly.
Term of loan: 360 level monthly repayments.
First repayment date: 2/1/1990.
Immediately after making the 120th repayment, the borrower decides to add $Q to each monthly repayment so that the loan will be repaid after having made a total of 160 monthly repayments.
In what range is $Q?
[A] Less than $700
[B] $700 but less than $1,250
[C] $1,250 but less than $1,800
[D] $1,800 but less than $2,350
[E] $2,350 or more
Question 14
Type of insurance policy: 5-year increasing term insurance.
Initial death benefit: $10,000.
Annual increase in death benefit: 11%.
Interest rate: 7.00% per year, compounded annually.
Age at purchase: 75.
The death benefit is payable at the end of the year of death.
Selected values:
dx / dx+1 = 1.11, for all x.
d75 / l75 = 0.10
In what range is the net single premium at age 75?
[A] Less than $4,000
[B] $4,000 but less than $4,200
[C] $4,200 but less than $4,400
[D] $4,400 but less than $4,600
[E] $4,600 or more
Question 15
All of the 10,000 participants in the XYZ Company Pension Plan are subject to only the following two decrements:
Central rate of decrement from death: 0.02
Central rate of decrement from withdrawal: 0.10
There are no new entrants into the Plan and all participants are the same age.
Assumption: Total decrements at each age are uniformly distributed over the year of age.
In what range is the expected number of participants in the Plan after one year?
[A] Less than 8,850
[B] 8,850 but less than 8,860
[C] 8,860 but less than 8,870
[D] 8,870 but less than 8,880
[E] 8,880 or more
Question 16
For a certain population the survival function is:
s(x) = EMBED Equation.3 , for 0 EMBED Equation.3
In what range is the probability that a member of that population age 19 will not die between ages 51 and 64?
[A] Less than 0.8770
[B] 0.8770 but less than 0.8870
[C] 0.8870 but less than 0.8970
[D] 0.8970 but less than 0.9070
[E] 0.9070 or more
Question 17
Market value of a pension fund:
DateValue1/1/2000$50,0003/31/200060,0006/30/200045,0009/30/200040,00012/31/200065,000
Contributions and benefit payments:
DateContributionsBenefit Payments4/1/2000 $ 0$P7/1/200017,000 P10/1/200055,000 P
Dollar-weighted rate of return for 2000 using simple interest: 7.00%
In what range is the time-weighted rate of return for 2000?
[A] Less than 6.00%
[B] 6.00% but less than 8.00%
[C] 8.00% but less than 10.00%
[D] 10.00% but less than 12.00%
[E] 12.00% or more
Question 18
An individual age 55 is purchasing a life insurance policy with the following death benefits payable at the end of the year of death:
Age Last Birthday Death
at Death Benefit
$10,000
7,000
5,000
58 or greater 0
Selected values:
e55 = 22.00
e56 = 21.20
e57 = 20.40
e58 = 19.60
Interest rate: 7% per year, compounded annually.
In what range is the benefit single premium for the life insurance policy?
[A] Less than $185.00
[B] $185.00 but less than $195.00
[C] $195.00 but less than $205.00
[D] $205.00 but less than $215.00
[E] $215.00 or more
Question 19
A club has maintained a stationary population of 5,000 members during the last 30 years. A person can join only at age 30 and must resign at age 60 if still a member. There are 100 terminations per year before age 60. The average age at termination is 35.
In what range was the number of new members each year during the last 30 years?
[A] Less than 160
[B] 160 but less than 210
[C] 210 but less than 260
[D] 260 but less than 310
[E] 310 or more
Question 20
Data from a two-decrement table:
EMBED Equation.3 = EMBED Equation.3
EMBED Equation.3 = e-x - e-x-1
In what range is EMBED Equation.3 ?
[A] Less than -0.75%
[B] -0.75% but less than 0.25%
[C] 0.25% but less than 1.25%
[D] 1.25% but less than 2.25%
[E] 2.25% or more
Question 21
A $10,000 whole life insurance policy with the death benefit payable at the end of the year of death is issued to an insured age 60.
Policy expenses:
$5 per $1,000 of death benefit, payable at the end of the year of death.
75% of first gross premium.
20% of second through tenth gross premium.
5% of eleventh and later gross premiums.
$10 at the beginning of each year.
Premiums are payable annually at the beginning of each year.
Selected commutation functions:
x Nx
352,087
315,378
103,886
Interest rate: 8% per year, compounded annually.
In what range is the gross annual premium?
[A] Less than $382
[B] $382 but less than $414
[C] $414 but less than $446
[D] $446 but less than $478
[E] $478 or more
Question 22
Date of a loan: 1/1/2000.
Amount of loan: $X.
Date of first repayment: 12/31/2000.
Frequency of repayments: Annually.
Number of repayments: 10.
Amount of each repayment: $1,000.
Method of repayment:
One-half of the loan is repaid by the amortization method using an interest rate of 7% per annum compounded annually.
The other half is repaid by the sinking fund method where the lender receives 7% per annum, compounded annually, on this portion of the loan, and the sinking fund accumulates at 6% per annum, compounded annually.
In what range is $X?
[A] Less than $6,900
[B] $6,900 but less than $7,000
[C] $7,000 but less than $7,100
[D] $7,100 but less than $7,200
[E] $7,200 or more
Question 23
Normal form of retirement benefit: Life annuity.
Monthly retirement benefit: $1,500.
Date of first payment: 1/1/2000.
Actuarial assumptions:
Interest: 7% per year, compounded annually.
Mortality: A unisex mortality table to which Gompertz's law applies.
Gompertz adjustment for a 5-year age difference: 3 years.
Participant and spouse data:
Participant's date of birth: 1/1/1935.
Spouse's date of birth: 1/1/1940.
Actuarial equivalent monthly benefit under optional form: $P.
Actuarial equivalent optional form of payment: Joint and 75% survivor contingent annuity,
with 120 months certain where the participant receives $P and in the event of his death his survivor receives $0.75P. In no event will fewer than 120 payments of $P be made.
Selected commutation functions:
x EMBED Equation.3 EMBED Equation.3 x EMBED Equation.3 EMBED Equation.3
60 147,589 1,448,584 70 59,915 455,486
63 114,940 1,054,865 73 43,574 300,400
65 96,496 842,966 75 34,602 222,026
68 73,034 588,741 78 23,614 134,863
Selected annuity value: EMBED Equation.3 = 7.28714
In what range is $P?
[A] Less than $850
[B] $850 but less than $1,000
[C] $1,000 but less than $1,150
[D] $1,150 but less than $1,300
[E] $1,300 or more
Question 24
Amount of a loan: $250,000.
Frequency of repayments: Quarterly, at the end of each quarter.
Number of repayments: 100.
Interest rate: 8% per year, compounded continuously.
In which repayment does the principal component first exceed the interest component?
[A] 64th
[B] 65th
[C] 66th
[D] 67th
[E] 68th
Question 25
Selected annuity values:
a65 = 9.70 a50 = 12.56 a20 = 14.79
a65:20 = 9.68 a65:50 = 9.48 a20:50 = 12.51
a65:20:50 = 9.44
In what range is EMBED Equation.3 ?
[A] Less than 5.0
[B] 5.0 but less than 6.0
[C] 6.0 but less than 7.0
[D] 7.0 but less than 8.0
[E] 8.0 or more
2
7
9=@BCEmyYcpz禙禙 j*h CJOJQJh CJH*OJQJh >*CJH*OJQJh >*CJOJQJjh CJEHOJQJU/j)=
h CJOJQJUVhmHnHujh CJOJQJUh CJOJQJh 5CJOJQJh 2+,-89fg 3
i
j
]$]a$$]a$
Ehno$
%
:
Z
z
f$]a$fg%&78FJOTYZ$@\mn
$$]a$$$$]a$$
&F
]a$$]a$noz{12GgVW-]$]a$-.6?GOWXYde
&F]]$]$$] >\nop{|XY0Pp$$]]'(<=QoEab
KL]=HxyޢzjR/j=
h CJOJQJUVhmHnHuj
h CJEHOJQJU/j=
h CJOJQJUVhmHnHuj h CJEHOJQJU/j=
h CJOJQJUVhmHnHujh CJOJQJUh CJH*OJQJh 5CJOJQJh CJOJQJh >*CJOJQJh >*CJH*OJQJL_{01U0_`a$$]
&F]]';<=IJvwlm%&
`]^``]$]$$]~$~ !!""g#i#$$$$%%%%%%%%&&)!)_)`)s)t)u)v)פיפיפפפvfj h CJEHOJQJU/jy=
h CJOJQJUVhmHnHuh CJH*OJQJh CJH*OJQJh 5CJOJQJjh CJEHOJQJU/j=
h CJOJQJUVhmHnHuh CJOJQJjh CJOJQJUjh CJEHOJQJU(V W l m h!i!!!!!!"0"P"q""""""""
0]^`0$]$$] ]^]""&#F#G#$$$$-$K$k$$$$$$$ %0%d%y%z%%%%%$$]`$$]]%%%%/&0&E&e&&&&&&&&8'9'e'''''@(A(((((()]))))")#)V)W)))***:*Z*z**********
$$If]a$]v)})~)))))****J+n+,,--------......(/5/0
1.1/1B1C1D1E1H1I1\1wjh CJEHOJQJU/j=
h CJOJQJUVhmHnHuh CJH*OJQJh >*CJOJQJh 5CJOJQJjh CJEHOJQJU/j=
h CJOJQJUVhmHnHujh CJOJQJUh CJOJQJ)****u
$$If]a$
$$If]a$okd
$$Ifl0
t.04
la.****u
$$If]a$
$$If]a$okdo$$Ifl0
t.04
la.****u
$$If]a$
$$If]a$okd$$Ifl0
t.04
la.** ++u
$$If]a$
$$If]a$okd$$Ifl0
t.04
la.+++#+u
$$If]a$
$$If]a$okd$$Ifl0
t.04
la.#+$+%+I+J+O+]+n+|rr
$If]
$$If]a$]okd$$Ifl0
t.04
la.n+o+x+++|obo
$$If]a$
$$If]a$kd0$$IflF~ Hz2
t.04
la.+++++|obo
$$If]a$
$$If]a$kd$$IflF~ Hz2
t.04
la.+++++|obo
$$If]a$
$$If]a$kdf$$IflF~ Hz2
t.04
la.++++++;,<,P,n,,,,,|vvvvvvvvvvvv]kd$$IflF~ Hz2
t.04
la.
,,,,V-W-u-----------...K.L......
]^`
&F]]./(/)/*/6/7/:0;000000000011-1.1`1a11111 ]`]\1]1^1_1b1c1v1w1x1y1}111111111182C24"4(4*4ɿɿɿɿtdɿYNNh >*CJOJQJh 5CJOJQJj{h CJEHOJQJU/j=
h CJOJQJUVhmHnHuh CJH*OJQJjh CJEHOJQJU/j=
h CJOJQJUVhmHnHuh CJOJQJjh CJOJQJUjh CJEHOJQJU/jj=
h CJOJQJUVhmHnHu1112$2627282D2E22222'3D3p3333344.464>4F4
&F]
&F]]*4+4-45+577;;; ;;;;;%;&;9;:;;;<;>;@;E;F;Y;Z;[;\;`;a;t;u;ޭލucޭSލuj3h CJEHOJQJU"jIh >*CJEHOJQJU/j=
h CJOJQJUVhmHnHujh >*CJOJQJUj_h CJEHOJQJU/j=
h CJOJQJUVhmHnHujh CJOJQJUh 5CJOJQJh CJOJQJh >*CJOJQJh >*CJH*OJQJ F4G4x4y4444445555,5-5G5[55555555l6A7B7W7 ]^]W7X7m777777778C8d8e8|888*9+9H9p99999.:: ]^
0]^`0]::::x;;;;(<b<c<x<y<<<<<<<<==(=h====] ]^u;v;w;x;@<A<T<U<V<W<<
=
>>>>> >'>)>0>2>9>;>>>I>g>i>r>t>~>>>>>>>>>>>>>ɻɣɈ}Ɉ}}}}}}}ɻh CJH*OJQJh 5CJOJQJj#h CJEHOJQJU/j=
h CJOJQJUVhmHnHujh CJOJQJUh CJOJQJh CJH*OJQJjh >*CJOJQJU"j!h >*CJEHOJQJU*=>>>!>*>3><>=>>>J>K>d>e>>>>>>>??9?S?c?d?$]`a$]$]a$
$$]a$>>>>b?c?d?e?f?h?i?k?l?n?o?q?r?s?t?u?w?x?ɿh CJOJQJh <CJOJQJ
h CJjh Uh h 5CJOJQJh CJOJQJjh CJOJQJUj,%h CJEHOJQJU/jg+=
h CJOJQJUVhmHnHud?e?g?h?j?k?m?n?p?q?r?s?u?v?w?x?d$]a$<0P<0BP/ =!"#$@%@Dp? 00P<0BP/ =!"#$@%@Dp? 00P<0BP/ =!"#$@%@Dp<0P<0BP/ =!"#$@%@Dp Dd
B
SA?2:OD
DfD*`!^:OD
D@ h,xQ;N@KZDJPh(C(%\Pefv
Vyyv!"6@j&D Ykճ[6u1Ut_\.X)+[ςq~0tvT8[=}ѐXHX I/|jsrYdxt,|EzW
n pHf``ÍI)$5!+`uX<Dd
h|B
SA?2R]j8smm.@*`!&]j8smm@`|0xcdd``> @bD"L1JE`x,56~) M@ k;T+P5<%! `fRvF+B2sSRsR.si#/kA5|0?k@L[@a05PM&0pA}5 3 0y{Ĥ\Y\ːLFf:5;+Dd
|B
SA?2QgOSQ%lm{-(*`!%gOSQ%lm{`@C0xP=kA}3jw$(VB!GH
9Lu~fv\uayo%Ԁ3Hfe)ClQfHme^\Ϸ:OMz
t`lvԶ$|WSl5b`
F0Y$q,NfKT@厼"UR,
RwDVhtݘ_muIcyKoM_#O] u~UE{'b~U`ysqI(i?p;.Dd
B
SA?2{gzu{,t
*`!l{gzu{,@@8 :x];N@
1X<$DeJ0tPTT$ )#rqE)RPPٝ]Zǎ 5@mafzXL$
qQѾ(m&GopWKmm[8@ai][o17tT30!d
kz]q&G5c}V2-hnpNV+-}Nx B2%FԽq|>W7ĩXqݲ ~7ܷg\f%ʠMnL_Zt9#7E̍N>e6GFDd
B
SA?2S]HkkONC/=*`!']HkkONC| ~ Hxcdd`` @bD"L1JE`x0* YjlRA@1 ~T
UXRY`vo`0L`A $37X/\!(?71A]<F\ An20`2WmG3 +ss&1@Y`-M |.˹;j;LLJ%y0B`d`7$$If.!vh#v#v:Vl
t.0554a.$$If.!vh#v#v:Vl
t.0554a.$$If.!vh#v#v:Vl
t.0554a.$$If.!vh#v#v:Vl
t.05
!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGIJKLMNOqRUVWYXZ\[]^_a`bdcegfhijlkmonp~}rstuvwxyz{|Root EntryP F`xTData
H5'WordDocumentOObjectPoolR&`x_1033893161JF&&Ole
CompObjfObjInfo #&+.147:=@CHKNQTWYZ[\]^`abcdf
FMicrosoft Equation 3.0DS EquationEquation.39q<I,I
2a40:10|
FMicrosoft Equation 3.0DS EqEquation Native X_1033893029FppOle
CompObj
fuationEquation.39q0I8I
q55'(d)
FMicrosoft Equation 3.0DS EquationEquation.39qObjInfo
Equation Native
L_1033893036 FppOle
CompObj
fObjInfoEquation Native L_1033893040Fpp0II
q55'(w)
FMicrosoft Equation 3.0DS EquationEquation.39q,II
l55(T)Ole
CompObjfObjInfoEquation Native H_10338930236FppOle
CompObjfObjInfo
FMicrosoft Equation 3.0DS EquationEquation.39q,II
d55(w)
FMicrosoft Equation 3.0DS EqEquation Native H_1033892985;"FppOle
CompObj fuationEquation.39q8I,I
100"x
10
FMicrosoft Equation 3.0DS EquationEquation.39qObjInfo!!Equation Native "T_1033892994$FppOle
$CompObj#%%fObjInfo&'Equation Native (@_1033890720,1)Fpp$XII
d"xd"100$
FMicrosoft Equation 3.0DS EquationEquation.39q(*Equation Native ?H_1033892376@E=FЗЗ)
FMicrosoft Equation 3.0DS EquationEquation.39q$صIuI
Dx
FMicrosoft Equation 3.0DS EqOle
ACompObj<>BfObjInfo?DEquation Native E@_1033892287BFЗЗOle
FCompObjACGfObjInfoDIuationEquation.39q,mIyI
Nx(12)
FMicrosoft Equation 3.0DS EquationEquation.39qEquation Native JH_1033892790GFЗЗOle
LCompObjFHMfObjInfoIOEquation Native P\_1033972583LFЗЗOle
R@mIyI
2a10|(12)
FMicrosoft Equation 3.0DS EquationEquation.39q@mIyI
a65|50:20CompObjKMSfObjInfoNUEquation Native V\1Table%54a.$$If.!vh#v#v:Vl
t.0554a.$$If.!vh#v#v:Vl
t.0554a.$$If.!vh#v#v#v2
:Vl
t.05552
4a.$$If.!vh#v#v#v2
:Vl
t.05552
4a.$$If.!vh#v#v#v2
:Vl
t.05552
4a.$$If.!vh#v#v#v2
:Vl
t.05552
4a.Dd
hhB
SA?2QFK
kr?-*`!%FK
kr?@@||xcdd``> @bD"L1JE`xPRcgb x@߁jx|K2B*R.ͤ `W01d++&1HȀ\F\_0k`~׀PQb##y ؤ.o&v0o8+KRs`VS;Dd
lB
SA ?2{O)Ζ7l*;5OW*`!OO)Ζ7l*;5O8xQKJA}U3\DFO((Ys:muu;llWk `vO["a$H;9Ѯv"zx0hoJv}8OB&\\$p"rXXx/Xp`Չ=
k%k#gF6*$?U؋*5OO~Pw
?)FQz2oI6ĺʮBߴ4K^lPk4ng굇4n,խըaUԓ-Q-6ɾGDd
|hB
SA
? 2QZxc5r8-*`!%Zxc5r8`@0|xcdd``> @bD"L1JE`x,56~) M@ k;+~j䆪aM,,He`7C&0] ZZǠ v.PHq}a8R 燂p 30IPQj##y HS
G\`_
7;NLLJ%y0_@dd`N:Dd
||B
SA?
2NFId/`Y.8**`!"FId/`Y.8l``00xMAjAEhVBtĐkązldv#xd#e`[]3B)kB0j+/UdJ
sN>5T0e?<]&UHuR)k_LmLƑSH)f.Ƈh5*JғwGu]Tc}"HC"!4xEO̭q']I<3\Dd
|B
SA?2TLfn}G%%m0*`!(Lfn}G%%m`0hxQ;NCAH<Ւ"HPRQI$(^@${G[pj"
-[Y{W6>`ަMuxEcʩz匒l8aO`{GքRwEANtq5],f0'xhOQ6!&D9y}=aU;ϋOy#?#)4?)gzSj4D)|g-V,_Ih9_T5f멒&~8sDd
hB
SA
?2T8^A2^"0*`!(8^A2^"@@ |xcdd``> @bD"L1JE`x,56~) M@ k;7$# !L
av@Hfnj_jBP~nb"%@y ma-5pAF`ZFT̯P@>l翙=pbdbR
,.Ieȃb&#(p<Dd
|B
SA?
2TLfn}G%%m0w*`!(Lfn}G%%m`0hxQ;NCAH<Ւ"HPRQI$(^@${G[pj"
-[Y{W6>`ަMuxEcʩz匒l8aO`{GքRwEANtq5],f0'xhOQ6!&D9y}=aU;ϋOy#?#)4?)gzSj4D)|g-V,_Ih9_T5f멒&~8sDd
hB
SA
?2T8^A2^"0a!*`!(8^A2^"@@ |xcdd``> @bD"L1JE`x,56~) M@ k;7$# !L
av@Hfnj_jBP~nb"%@y ma-5pAF`ZFT̯P@>l翙=pbdbR
,.Ieȃb&#(p<%Dd
B
SA?2R~"~q*#$kK#*`!cR~"~q*#$$@C@C1xQ=O@]T"Sԡ*Cuf,H1C$RT*uXX,%8l%\䜟<@-B~>YgH56B1F#xcTiO^scH콰͘;fN&w\g=_lGWx콡]Ql,w Lnle6On6Owj?9n|{xZOPU0OS@z/+%)JIA>)<3:!v&+dZ29Q2'L:溯|`}{pڄD7^<ťǾ|v7?RGCػ|N=VoG@8uUL3#b^}O0,
9Q<8{˰7YIIROA_BrD~̈ln+NжզLtVԯ8Y~P{=qSummaryInformation(QXDocumentSummaryInformation8_PCompObjerOh+'0t
$0<
HT\dl$Solutions to EA-1(A) ExaminationDavid B. FarberNormal.dotmBookstore Sales2Microsoft Office Word@@4|4@(@(D!/՜.+,0 hp
Dell Computer CorporationdI7!Solutions to EA-1(A) ExaminationTitle
F Microsoft Word 97-2003 Document
MSWordDocWord.Document.89q^666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~_HmH nH sH tH L`LNormal1$CJOJQJ_HhmH sH tH J@J Heading 2$<@&56OJQJDA DDefault Paragraph FontVi@V
0Table Normal :V44
la(k (
0No List<& <Footnote Reference.._0^`044Header
!4 @"4Footer
!.)1.Page Number:@B:
Footnote TextCJD>@RDTitle$]a$5CJOJQJPK![Content_Types].xmlN0EH-J@%ǎǢ|ș$زULTB l,3;rØJB+$G]7O٭V$!)O^rC$y@/yH*)UDb`}"qۋJחX^)I`nEp)liV[]1M<OP6r=zgbIguSebORD۫qu gZo~ٺlAplxpT0+[}`jzAV2Fi@qv֬5\|ʜ̭NleXdsjcs7f
W+Ն7`gȘJj|h(KD-
dXiJ؇(x$(:;˹!I_TS1?E??ZBΪmU/?~xY'y5g&/ɋ>GMGeD3Vq%'#q$8K)fw9:ĵ
x}rxwr:\TZaG*y8IjbRc|XŻǿI
u3KGnD1NIBs
RuK>V.EL+M2#'fi~Vvl{u8zH
*:(W☕
~JTe\O*tHGHY}KNP*ݾ˦TѼ9/#A7qZ$*c?qUnwN%Oi4=3N)cbJ
uV4(Tn
7_?m-ٛ{UBwznʜ"ZxJZp;{/<P;,)''KQk5qpN8KGbe
Sd̛\17 pa>SR!
3K4'+rzQ
TTIIvt]Kc⫲K#v5+|D~O@%\w_nN[L9KqgVhn
R!y+Un;*&/HrT >>\
t=.Tġ
S; Z~!P9giCڧ!# B,;X=ۻ,I2UWV9$lk=Aj;{AP79|s*Y;̠[MCۿhf]o{oY=1kyVV5E8Vk+֜\80X4D)!!?*|fv
u"xA@T_q64)kڬuV7t'%;i9s9x,ڎ-45xd8?ǘd/Y|t&LILJ`& -Gt/PK!
ѐ'theme/theme/_rels/themeManager.xml.relsM
0wooӺ&݈Э5
6?$Q
,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧60_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!0C)theme/theme/theme1.xmlPK-!
ѐ' theme/theme/_rels/themeManager.xml.relsPK]
ax7> v)\1*4u;>x? (+0=?CE
fn- L"%)****+#+n++++,.1F4W7:=d?x?!"#$%&')*,-./123456789:;<>@ABDFx~_!s!u!}!!!.)B)D)H)\)^)b)v)x))))333%393;3E3Y3[3`3t3v3@4T4V4666x7:::::::::::::::::@ @H 0(
0(
B
S ?'+++,+:+0000e7g7h7j7k7m7n7p7q7v7y7eh:;[^{~m;>VYpsX!Z!%%&&))*&+(+C+q++++ ,!,,,.
.//.222c4w44466e7g7h7j7k7m7n7p7q7v7y733333333333333333333333333333333 *E2Y$0 Vo1l\98DiALvxvK&X6\J)^f`Umd^Pl4=*0^`0OJQJo(0^`0o(.<@`@^@``o(F$^`$o(p0p^p`0o()F@`@^@``o(7^`o(Pp`p^p``o( 98Umd^AL)^Vo1&X6\*E0 @0^`0OJQJo(C ^z*e7g7@x7@UnknownG*Ax Times New Roman5Symbol3.*Cx ArialW5 WP Greek CourierSymbolO1 CourierCourier New9WP MathAA$BCambria Math# hGGcJD!/dD!/d! 2I7I7K HP $P^z*2!xx Solutions to EA-1(A) ExaminationDavid B. FarberBookstore Sales0 *