Q1 of 10Exam FMDuration and convexityExam level
Find the Macaulay duration of a 10-year level annuity-immediate at 6%.
Exam-pace practice: ten original Exam P and Exam FM questions against a six-minute clock, the tempo a real sitting demands, with full solutions on review.
Exam P allows three hours for thirty questions and Exam FM the same. That is six minutes each, and the arithmetic is unforgiving: two questions you refuse to abandon can cost you five you would have answered. This drill trains the skill of leaving one behind.