ACT 2120 A02 (3 CH) INTEREST THEORY WINTER 2021
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
ACADEMIC INTEGRITY POLICYThe online format of class delivery does not lower the Asper School’s academic integrity standards. Thesame high levels of academic integrity are expected this term as they are in previous terms.It is critical to the reputation of the Asper School of Business and of our degrees that everyone associatedwith our faculty behave with the highest academic integrity. As the faculty that helps create business andgovernment leaders, we have a special obligation to ensure that our ethical standards are beyond reproach.Any dishonesty in our academic transactions violates this trust. The University of Manitoba GeneralCalendar addresses the issue of academic dishonesty under the heading “Plagiarism and Cheating.”Specifically, acts of academic dishonesty include, but are not limited to: using the exact words of a published or unpublished author without quotation marks andwithout referencing the source of these words (includes Chat messages posted during class)duplicating a table, graph or diagram, in whole or in part, without referencing the sourceparaphrasing the conceptual framework, research design, interpretation, or any other ideas ofanother person, whether written or verbal (e.g., personal communications, ideas from a verbalpresentation) without referencing the sourcecopying the answers of another student in any test, examination, or take-home assignmentrecording exam questions using any method, regardless of whether those are shared with otherssharing exam questions with those who are yet to take the exam, including future students orattempting to sell exam questionsproviding answers to another student in any test, examination, or take-home assignment orobtaining answers or other unauthorized help from anyone elsetaking any unauthorized materials into an examination or term test (crib notes), regardless ofwhether those are used during the examimpersonating another student or allowing another person to impersonate oneself for the purposeof attendance, earning class participation marks, submitting academic work, or writing any test orexaminationstealing or mutilating library materialsaccessing test prior to the time and date of the sittingchanging name or answer(s) on a test after that test has been graded and returnedsubmitting the same paper or portions thereof for more than one assignment, without discussionswith the instructors involvedGroup Projects and Group WorkMany courses in the Asper School of Business require group projects. Students should be aware thatgroup projects are subject to the same rules regarding academic integrity. All group members shouldexercise special care to ensure that the group project does not violate the policy on Academic Integrity.Should a violation occur, group members are jointly accountable unless the violation can be attributedto specific individuals.Some courses, while not requiring group projects, encourage students to work together in groups beforesubmitting individual assignments. If it’s unclear whether it is allowed, students are encouraged to seekclarification from the instructor to avoid violating the academic integrity policy.7 of 10
In the Asper School of Business, all suspected cases of academic dishonesty in undergraduate courses arereported to the Dean's office and follow the approved disciplinary process. See following table for typicalpenalties for academic dishonesty in the Asper School.Typical Penalties for Academic Dishonesty in the Asper SchoolIf the student is from another Faculty and the academic dishonesty is committed in an Asper course, thestudent’s Faculty could match or add penalties beyond the Asper School’s.F-DISC on transcript indicates the F is for disciplinary reasons.ACADEMIC DISHONESTYPENALTYCheating on exam (copying from orproviding answers to another student)F-DISC in courseSuspension from taking Asper courses for 1 yearNotation of academic dishonesty in transcriptSharing exam questions electronicallyduring examF-DISC in courseSuspension from taking Asper courses for 1 yearNotation of academic dishonesty in transcriptPossession of unauthorized materialduring exam (e.g., cheat notes)F-DISC in courseSuspension from taking Asper courses for 1 yearNotation of academic dishonesty in transcriptAltering answer on returned exam andasking for re-gradingF-DISC in courseSuspension from taking Asper courses for 1 yearNotation of academic dishonesty in transcriptPlagiarism on assignmentF-DISC in courseSuspension from taking Asper courses for 1 yearNotation of academic dishonesty in transcriptSubmitting paper bought onlineF-DISC in courseSuspension from taking Asper courses for 1 yearNotation of academic dishonesty in transcriptInappropriate Collaboration(collaborating with individuals notexplicitly authorized by instructor)F-DISC in courseSuspension from taking Asper courses for 1 yearNotation of academic dishonesty in transcriptGroup member had knowledge ofinappropriate collaboration orplagiarism and played alongF-DISC in courseNotation of academic dishonesty in transcriptSigning Attendance Sheet forclassmateF-DISC in courseNotation of academic dishonesty in transcript8 of 10
STUDENT SERVICES AND SUPPORTSThe University of Manitoba provides many different services that can enhance learning and providesupport for a variety of academic and personal concerns. You are encouraged to visit the below websitesto learn more about these services and supports. If you have any questions or concerns, please do nothesitate to contact your instructor or the Undergraduate Program Office.For Information on follow this linkTech-related issues with UM Learn or videoconferencingInformation Services & TechnologyAdmission, Registration, Tuition Fees, Important Dates, Final Exams,Graduation, and TranscriptsRegistrar’s OfficeAcademic policies & procedures, regulations, Faculty-specificinformation, degree and major requirementsAcademic CalendarHelp with research needs such as books, journals, sources of data,how to cite, and writingLibrary ResourcesTutors, workshops, and resources to help you improve your learning,writing, time management, and test-taking skillsWriting and Learning SupportSupport and advocacy for students with disabilities to help them intheir academic work and progressStudent Accessibility ServicesCopyright-related questions and resources to help you avoidplagiarism or intellectual property violationsCopyright OfficeStudent discipline bylaws, policies and procedures on academicintegrity and misconduct, appeal proceduresAcademic IntegrityPolicies & procedures with respect to student discipline ormisconduct, including academic integrity violationsStudent DisciplineStudents’ rights & responsibilities, policies & procedures, andsupport services for academic or discipline concernsStudent AdvocacyYour rights and responsibilities as a student, in both academic andnon-academic contextsYour rights and responsibilitiesFull range of medical services for any physical or mental healthissuesUniversity Health ServiceInformation on health topics, including physical/mental health,alcohol/substance use harms, and sexual assaultAny aspect of mental health, including anxiety, stress, depression,help with relationships or other life concerns, crisis services, andcounselling.Support services available for help regarding any aspect of studentand campus life, especially safety issuesHealth and WellnessStudent Counselling CentreStudent Support Case ManagementResources available on campus, for environmental, mental, physical,socio-cultural, and spiritual well-beingLive Well @ UofMHelp with any concerns of harassment, discrimination, or sexualassaultRespectful Work and LearningEnvironmentConcerns involving violence or threats, protocols for reporting, andhow the university addresses themViolent or Threatening Behaviour9 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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