INDIVIDUAL ASSIGNMENT
Tran Ngoc Thuy Van BBC1
ID: 3913ISB1049
1
INDIVIDUAL ASSIGNMENT
a)
Peter is known as an accountant (CA) and also the financial control of Yang Pty Ltd. The
company import and dis
Chapter 5: Balance sheet
Current-ASSET: Cash and cash equivalents: cash at bank, on hand and in transit, cash on
deposit-Trade and other receivable: good and services tax GTS, non-trade receivables, l
200184 Introduction to Business Law
ASSIGNMENT QUESTIONS (Q1 2016)
Attempt all Questions
Total Marks: 30
Due Date: 09 March 2016 by 11:59PM
Question 1
Johnny offered to sell his server to Richard for
In todays modern society, managing diversity is increasingly popular and more interesting for
private companies, public institutions and non-profit. Simply stated, diversity management is to
recognize
Starbucks Coffee Company is one of the leading companies in the green coffee
beans of high quality. The company was founded in 1971 in Seattle, Washington
by three partners Jerry Baldwin, Zev Gordon B
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Question 1
Johnny offered to sell his server to Richard for $ 2000, saying he would keep the offer open for 3
days. The next day Johnny phoned Richard and said he was withdrawing the offer
Chapter 2
Commercial banks
Learning objective 2.1: evaluate the functions and activities of commercial banks within the
financial system
Commercial banks are the largest group of financial institution
19.9. FINAL SALARY SCHEMES
313
has to be added.
On defining the commutation
functions
s ra
xra and s R
xra = P64x s M
ra
Mx = sx M
x+t
t=0
and using a similar argument to that used for ill-health r
18.5. SOLUTIONS
301
Appendix: The Manchester Unity Experience 1893-97
1. Until fairly recently, when the C.M.I. published statistics concerning P.H.I. (Permanent Health
Insurance), the principal publi
302
CHAPTER 18. SICKNESS FUNCTIONS
next. The experience of occupation group AHJ is given in Tables for Actuarial Examinations.
Since the middle classes and well-to-do did not (in general) join friendl
19.5. THE VALUE OF FUTURE CONTRIBUTIONS
307
R
x = 1 Dx+t dt ' Dx+ 1 ' 1 [Dx + Dx+1 ]
D
2
0
2
s
x
Dx = sx D
and P
64x
s
Nx = t=0 s D
x+t
One can now evaluate (19.5.1) by means of commutation functi
314
CHAPTER 19. PENSION FUNDS
Define the commutation functions
z
z
Cxia = zx+ 12 Cxia ,
Mxia =
64x
X
z
C ia
x+t ,
t=0
z
and
z
1 z ia
xia = z M ia
M
C ,
x
2 x
64x
X
ia =
R
x
z
ia
M
x+t =
64x
X
t=0
308
CHAPTER 19. PENSION FUNDS
payable continuously. Then the mean present value of future contributions is
Z 65x
lx+t
F
vt
dt
lx
0
64x
X
1 lx+t+ 1
2
'F
v t+ 2
l
x
t=0
=F
64x
X
Dx+t+ 12
t=0
Dx
64x
X
1
312
CHAPTER 19. PENSION FUNDS
Thus the benefits can be separated into the Past Service Pension and the Future Service Pension.
Value of P.S.P.
1
This is just the value of a fixed pension of 60
(T.P.S.
18.5. SOLUTIONS
299
(b) Let extra premium be E per week.
The equation
of value for E is
K40 K50
(E + 3.25)
= 52.18 0.9E
a40:10
D40
Therefore (E + 3.25) 13.077 = 382.67E
and so
E = 0.115,
say 0.12.
Hen
19.12. RETURN OF CONTRIBUTIONS ON DEATH OR WITHDRAWAL
319
(see the Appendix to this Chapter.)
Note
When j = 0 one may omit the j from the commutation functions, so if contributions are returned
withou
318
CHAPTER 19. PENSION FUNDS
Example 19.11.1. A company has a pension scheme which provides a pension upon retirement
1
of 80
th of the final salary per year of service. In addition the sum of 10,000
19.4. SALARY SCALES
305
Using approximate integration in (19.4.2), we have
sx ' sx+ 12 '
1
[
sx + sx+1 ]
2
(19.4.3)
Formulae and Tables gives values of sx (not sx ), so we find sx by linear interpolat
19.8. AVERAGE SALARY SCHEMES
311
Again, this may be separated into the P.S.P. and the F.S.P. terms.
Define the commutations
(
1
v x+ 2 rx a
rx+ 1 , x < 65
ra
2
Cx =
v 65 r65 a
r65
, x = 65
P
65x ra
(n
19.11. DEATH AND WITHDRAWAL BENEFITS
19.11
317
Death and Withdrawal Benefits
The benefits on death in service usually consist of one or more of:
1. a fixed sum, or a certain multiple of salary;
2. a r
304
CHAPTER 19. PENSION FUNDS
member who has not yet retired).
The reserve for each member is calculated prospectively. That is,
reserve = mean present value of future benefits - mean present
value of
Chapter 19
PENSION FUNDS
19.1
General Introduction
Pension schemes may be described (in broad terms) as either:
(a) defined - benefit schemes,
or
(b) defined - contribution schemes.
Defined - benefit
320
CHAPTER 19. PENSION FUNDS
Solution
1. Let k be total contribution rate per cent for a new member aged 20. Then
k SAL s
SAL z (i+r)a
i+r ]
N20 =
[ R20
+ 3.z R
20
100 s20 D20
80
s20 D20
Thus
100
316
CHAPTER 19. PENSION FUNDS
(a) If n < 40, then leave the P.S.P. unchanged but restrict the F.S.P. . In the final salary scheme
mentioned above, the value of the F.S.P. is altered to
SAL z (i+r)a z
306
CHAPTER 19. PENSION FUNDS
(iv) Annual salary rate at 64 is 9192 ss64
' 27, 499
25
s64 1
Annual salary rate at 64 21 is 9192 s252 ' 27, 576
Hence by linear extrapolation the annual salary rate at a
310
CHAPTER 19. PENSION FUNDS
It follows that
xia =
R
64x
X
1 ia
(t + )Cx+t
2
t=0
Proof.
ia
ia
xia = M
xia + M
x+1
64
R
+ . + M
1
ia
ia
= ( Cxia + Cx+1
+ . + C64
)
2
1 ia
ia
ia
+ ( Cx+1
+ Cx+2
+