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Enrolled Actuary Exam Prep

Category - Enrolled Actuary

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Retirement benefits for Smith (age 61) and Jones (age 60) payable annually: Smith: a 5-year temporary life annuity-due of XJones: a 10-year certain and life annuity-due of $20,000The present value of Jones’s annuity is 4 times that of the present value of Smith’s annuity.Selected actuarial factors: a60 = 11.53496a 60:10 = 7.26514a62:4 = 3.58056P61 = 0.99394i = 7.0% per year, compounded annuallyIn what range is X?
  1. Less than $13,050
  2. $13,050 but less than $13,350
  3. $13,350 but less than $13,650
  4. $13,650 but less than $13,950
  5. $13,950 or more
Explanation
Answer: C - $13,350 but less than $13,650
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