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PRMIA 8007 Exam Syllabus Topics:

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

1. Which of the following is a false statement concerning the probability density function and the cumulative distribution function of a random variable?

A) the definite integral of the PDF from minus infinity to plus infinity is zero.
B) the definite integral of the CDF from minus infinity to plus infinity is undefined.
C) the CDF approaches 1 as its argument approaches infinity.
D) the PDF is non-negative.

2. Which of the following statements about variance and standard deviation are correct?
1. When calculated based on a sample of the population data, one has to correct for any bias in the result by using the number of degrees of freedom in the calculation
2. Variance is in square root units of the underlying data, whereas standard deviation is in units of the underlying data
3. When considering independent variables, variance is additive, while standard deviation is not

A) Statements 2 and 3 are correct
B) Statements 1 and 3 are correct
C) Statements 1 and 2 are correct
D) All three statements are correct

3. Let A be a square matrix and denote its determinant by x. Then the determinant of A transposed is:

A) ln(x)
B) -x
C) x
D) x -1

4. In a 2-step binomial tree, at each step the underlying price can move up by a factor of u = 1.1 or down by a factor of d = 1/u. The continuously compounded risk free interest rate over each time step is 1% and there are no dividends paid on the underlying. Use the Cox, Ross, Rubinstein parameterization to find the risk neutral probability and hence find the value of a European put option with strike 102, given that the underlying price is currently 100.

A) 5.19
B) 4.18
C) 5.66
D) 6.31

5. The natural logarithm of x is:

A) always greater than x, for x>0
B) the inverse function of exp(x)
C) log(e)
D) 46

Solutions: