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PRMIA 8007 Exam Syllabus Topics:

PRMIA Exam II: Mathematical Foundations of Risk Measurement - 2015 Edition Sample Questions:

1. A 2-year bond has a yield of 5% and an annual coupon of 5%. What is the Modified Duration of the bond?

A) 1.86
B) 1.95
C) 1.75
D) 2

2. Calculate the determinant of the following matrix:

A) 4
B) 4.25
C) -4.25
D) 2

3. Which of the following statements are true about Maximum Likelihood Estimation?
(i) MLE can be applied even if the error terms are not i.i.d. normal.
(ii) MLE involves integrating a likelihood function or a log-likelihood function.
(iii) MLE yields parameter estimates that are consistent.

A) (i), (ii), and (iii)
B) (i) and (ii)
C) (i) and (iii)
D) (i) only

4. An option has value 10 when the underlying price is 99 and value 9.5 when the underlying price is 101.
Approximate the value of the option delta using a first order central finite difference.

A) -4
B) -0.25
C) -0.5
D) 0.25

5. The Newton-Raphson method

A) can be used for continuous but not differentiable functions
B) is based on finding a middle point between left and right end of the search interval
C) is based on Taylor series and uses the first derivative
D) does provide an error bound along with every iteration

Solutions: