ACT 2120 A02 (3 CH) INTEREST THEORY WINTER 2021

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ACT 2120 A02 (3 CH)INTEREST THEORYWINTER 2021Virtual Classroom, MW 1.00 – 2.15 pmCONTNETSINSTRUCTOR . 1OUT-OF-CLASS COMMUNICATION . 4COURSE DESCRIPTION. 1REFERENCING STYLE FOR WRITTEN WORK . 4COURSE OBJECTIVES . 1CLASS SCHEDULE . 4COURSE FORMAT AND ONLINE ACCESS . 2IMPORTANT DATES . 4COURSE MATERIALS . 2INTENDED LEARNING OUTCOMES . 5ASSESSMENT OF LEARNING . 3ACADEMIC INTEGRITY POLICY . 7MISSED EXAM AND LATE SUBMISSION POLICY . 3STUDENT SERVICES AND SUPPORTS . 9ATTENDANCE POLICY . 3ABOUT THE INSTRUCTOR. 10ELECTRONIC DEVICE POLICY . 4INSTRUCTORName:Office:Phone:Email:Office hours:Jeffrey PaiVirtual Office Pai@umanitoba.caMonday 2:30-3:00 pm and Wednesday 10:30-11:00 am (via Zoom)COURSE DESCRIPTIONThis course is a study of the application of calculus and probability to discrete and continuous interestfunctions. Key topics are the measurement of interest, present and accumulated values, and annuities.This material will assist the actuarial student to prepare for Society of Actuaries Course FM. May not be heldwith the former ACT 3320. Prerequisite: MATH 1232 (C) or MATH 1690 (C) or MATH 1700 (B) or MATH1710 (B). Prerequisite or co-requisite: [MATH 2720 or MATH 2721(D)] or [MATH 2731 or the former MATH2750 or MATH 2730 (D)] and STAT 2400 (D).COURSE OBJECTIVESThis course is intended to learn:1. Time value of the money2. Annuities/cash flows with non-contingent payments3. Loans

4.5.6.7.BondsGeneral cash flows and portfolioImmunizationInterest rate swapsCOURSE FORMAT AND ONLINE ACCESSThis course will be conducted “live” via Webex and will not involve in-person instruction. Classes will beduring the scheduled class time. To join the class, log in to the UM Learn course and then chooseCommunication - Sisco Webex from the top menu and then click join. Detailed instructions are availablehere.For recording attendance and class participation, you will be expected to have your camera andmicrophone on during class time and exams. You are expected to leave your camera on for the durationof the class. Have your microphone muted and unmute yourself only when you speak.Lectures and Academic GOAL form a major component of this course. The course also consists of anindividual assignment.Due to the inability of the human brain to take in too much in too little time, we will not be able to coverthe book page by page. However, the important portions will be discussed.All classes will be recorded and the video recordings are likely to be shared with other students.COURSE MATERIALSAs classes will be delivered synchronously via videoconferencing, a device enabled with a camera andmicrophone is required. Further, you are expected to be in a location with a reliable Internet connectionthat is strong enough for streaming video. You may also want to consider using earphones/headset witha mic, unless you have a computer/tablet with good speakers/mic.For the exams, which will be administered using the Respondus Lockdown browser and RespondusMonitor, you will need a device (computer or iPad; note that smartphones and Chromebooks will notwork) with one of the following operating systems: Windows 10, 8, or 7 (note: will not work with Windows 10S)Mac OS 10.15 to 10.12, OS X 10.11, or OSX 10.10iOS: 11.0 (iPad only)Chrome is the recommended browser. Other browsers such as Safari may not work.Textbook: Mathematics of Investment and Credit, 7th Edition, 2017, Samuel A. Broverman, Actex Learning(Digital available).Past exam questions and solutions are available in SOA’s website. Please respect copyright laws.Photocopying textbooks or other reading material is a violation of copyright laws and is unethical, unlesspermission to copy has been obtained.2 of 10

ASSESSMENT OF LEARNINGThere will be three components to the grading (tests are held during the class time):Four Tests (4 x 20%, closed-book)Twelve quizzes (12 x 1%, open-book)One Individual Assignment -80 %12 %8%All the tests and quizzes will be taken via Academic GOAL.All the tests must be taken with Respondus LockDown/Monitor via UM Learn.Any test without complete record of Respondus LockDown/Monitor will receive zero mark.I will be using the following letter-grading scheme:Marks90 and above80 – 89.9975 – 79.9970 – 74.9965 – 69.9960 – 64.9950 – 59.99Below 50Letter GradeA AB BC CDFIndividual Assignment: The assignment instructions are available on UM Learn and will be explained inclass. You should work on the Individual Assignment individually. Please consult the Academic IntegritySheet attached to this outline to see what is (un)acceptable.All the tests will be using university-approved Respondus LockDown/Monitor, which will require you tohave your camera and microphone on for the entire duration of the exam. As the software detects anyunusual movements, please sit in a location where there are no people/pets or other moving objects inthe camera’s view during the exam.MISSED EXAM AND LATE SUBMISSION POLICYIf you have to miss a test for medical reasons, please try your best to inform me by email before the test.In addition to the university’s list of acceptable reasons for missing an exam, the Asper School has anapproved list of events for which you may be eligible for an accommodation if you have to miss themidterm (not the final exam). Please consult the list to see if your reason qualifies.If you miss any quiz/texts with an acceptable reason, the weight will be move to other quizzes/tests. Youwill fail the course if you miss more than one test for any reasons. As explained earlier, late submission ofthe assignment will lose 2 marks per day’s delay.Please make sure you submit the Individual Assignment by the due date/time. There is a 1 mark penaltyper day or part thereof your assignment is submitted lateATTENDANCE POLICY3 of 10

This course is difficult. DO NOT miss any classes. For recording attendance, you will be required to haveyour camera on during the class. A screenshot will be taken as a record of the attendance.ELECTRONIC DEVICE POLICYUsing a computer, tablet, or smartphone with a camera/mic is necessary for this course.Although this is course is taught in a remote teaching format, we will observe the protocols that would beexpected during in-person classes. Avoid making or taking calls on your cellphone while class is in progress.No frivolous posting of messages in the Chat area during class. Please do not video/audio record classlectures or take pictures of the screen without the instructor’s permission.OUT-OF-CLASS COMMUNICATIONPDF files, assignment, and other class-related files will be posted on UM Learn. Moreover, anyannouncements outside of class will be sent by e-mail from UM Learn. It is your responsibility to checkyour UofM e-mail account frequently so that you don’t miss these emails. There are many questions thatcannot be answered succinctly over email. If you email me a question, please consider whether it can beeasily and effectively answered by email.REFERENCING STYLE FOR WRITTEN WORKNACLASS SCHEDULEWeek 1Course outline & Chapter 1Week 2Chapter 1Week 3Chapter 2Week 4Chapter 3Week 5BreaksWeek 6Test 1Week 7Chapter 4Week 8Chapter 5 & 6Week 9Chapter 7 & Test 2Week 10 Chapter 7 & 8Week 11 Test 3Week 12 Chapter 8 & AssignmentWeek 13 Test 4IMPORTANT DATES1/18 First class2/15 Louis Riel Day (no class)2/17 Winter term break (no class)2/24 Test 13/17 Test 23/31 Test 33/31 VW deadline4 of 10

4/144/21Test 4Assignment due (11:59 pm)INTENDED LEARNING OUTCOMESAACSB Assurance of Learning Goals and Objectives.The Asper School of Business is proudly accredited by AACSB. Accreditation requires a processof continuous improvement of the School and our students. Part of “student improvement” isensuring that students graduate with the knowledge and skills they need to succeed in theircareers. To do so, the Asper School has set the learning goals and objectives listed below forthe Undergraduate Program. The checked goal(s) and objective(s) will be addressed in thiscourse and done so by means of the items listed next to the checkmark.Goals and Objective in the Undergraduate Program123Quantitative ReasoningA. Determine which quantitative analysistechnique is appropriate for solving a specificproblem.B. Use the appropriate quantitative method in atechnically correct way to solve a businessproblem.C. Analyze quantitative output and arrive at aconclusion.Written CommunicationA. Use correct English grammar and mechanics intheir written work.Goals andObjectivesAddressedin thisCourseCourseItem(s)Relevant tothese GoalsandObjectives Entire course Entire course Entire course ionassignmentsWrittenanswerquestionassignmentsB. Communicate in a coherent and logical manner C. Present ideas in a clear and organized fashion. Ethical ThinkingA. Identify ethical issues in a problem or casesituationB. Identify the stakeholders in the situation.5 of 10

4C. Analyze the consequences of alternatives froman ethical standpoint.D. Discuss the ethical implications of the decision.Core Business Knowledge Entire course6 of 10

ABOUT THE INSTRUCTORJeffrey is a Full Professor of Actuarial Mathematics at the Asper School. He has a B.Com., an M.S. inActuarial Science and a Ph.D. in Statistics from the University of Connecticut, USA. Prior to coming toWinnipeg, Jeffrey taught and did research at the Basel University, Switzerland, for two years.At the Asper School, Jeffrey has taught courses at the Undergraduate, Master, and Ph.D. levels. Over thepast 24 years, he has taught most of the actuarial courses offered at the Warren Centre. Jeffrey has alsotaught courses in the US, Switzerland, Taiwan, Thailand, and China. He has given seminars and publishedmany study manuals in helping students to prepare and pass professional examinations. Jeffrey hasreceived many congratulation letters from the Dean Office based on the SEEQ results. Jeffrey has alsoreceived two outstanding teaching awards in his teaching career.Jeffrey’s research is in the area of risk management and actuarial mathematics. Jeffrey has published over40 referred papers and most of his papers are appeared in high quality (A) Journals including the journalof Risk and Insurance, Computational Statistics and Data Analysis, Insurance: Mathematics & Insurance,Journal of Time Series, Journal of Forecasting, and Journal of Econometrics. Jeffrey has received two bestpaper awards in his career.Besides academic work, Jeffrey has been working as a consult for many companies including the GreatWest Life Assurance Co. (Canada), IC Group Inc. (USA), CFA Capital Management Inc. (USA) and ACTEXLearning / SRBooks, Inc. (USA).10 of 10

Any dishonesty in our academic transactions violates this trust. The University of Manitoba General Calendar addresses the issue of academic dishonesty under the heading “Plagiarism and Cheating.” Specifically, acts of academic dishonesty include, but are not limited to:

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