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SOA Exam FM sample-question solutions: all 459 active references

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All 459 Exam FM sample-question solutions

The numbers match the official sample set retrieved 2026-09-26. Deleted numbers are omitted; the remaining questions are not renumbered.

Questions 1–50

  1. SOA Exam FM Sample Question #1Equivalent Interest MeasuresVerified
  2. SOA Exam FM Sample Question #2Periodic Deposit AccumulationVerified
  3. SOA Exam FM Sample Question #3Compound and Simple Interest ComparisonVerified
  4. SOA Exam FM Sample Question #4Increasing PerpetuityVerified
  5. SOA Exam FM Sample Question #5Accumulation of Transferred Cash FlowsVerified
  6. SOA Exam FM Sample Question #6Two-Phase Loan AmortizationVerified
  7. SOA Exam FM Sample Question #7Bond Book-Value InterestVerified
  8. SOA Exam FM Sample Question #8Geometric Annuity ExchangeVerified
  9. SOA Exam FM Sample Question #9Nominal Discount ConversionVerified
  10. SOA Exam FM Sample Question #10Varying Force of InterestVerified
  11. SOA Exam FM Sample Question #11Deferred Growing PerpetuityVerified
  12. SOA Exam FM Sample Question #12Comparison of Repayment MethodsVerified
  13. SOA Exam FM Sample Question #13Prospective Loan BalanceVerified
  14. SOA Exam FM Sample Question #14Multi-Level Deposit AccumulationVerified
  15. SOA Exam FM Sample Question #15Increasing Annuity Present ValueVerified
  16. SOA Exam FM Sample Question #16Equivalent Cash-Flow StreamsVerified
  17. SOA Exam FM Sample Question #17Continuous Cash-Flow AccumulationVerified
  18. SOA Exam FM Sample Question #18Bond Price DecompositionVerified
  19. SOA Exam FM Sample Question #19Net Present Value EquivalenceVerified
  20. SOA Exam FM Sample Question #20Perpetuity Share DecompositionVerified
  21. SOA Exam FM Sample Question #21Total Interest Across Loan StructuresVerified
  22. SOA Exam FM Sample Question #22Interest Earned During a PeriodVerified
  23. SOA Exam FM Sample Question #23Interest-Principal DecompositionVerified
  24. SOA Exam FM Sample Question #24Perpetuities at Different FrequenciesVerified
  25. SOA Exam FM Sample Question #25Reinvestment Scenario AnalysisVerified
  26. SOA Exam FM Sample Question #26Growing Annuity Present ValueVerified
  27. SOA Exam FM Sample Question #27Reinvestment-Adjusted Net Present ValueVerified
  28. SOA Exam FM Sample Question #28Spot-Rate Bond ValuationVerified
  29. SOA Exam FM Sample Question #29Yield to MaturityVerified
  30. SOA Exam FM Sample Question #30Macaulay Duration from Price SensitivityVerified
  31. SOA Exam FM Sample Question #31Perpetuity DurationVerified
  32. SOA Exam FM Sample Question #32Growing Perpetuity DurationVerified
  33. SOA Exam FM Sample Question #33Principal Portion ProgressionVerified
  34. SOA Exam FM Sample Question #34Coupon Reinvestment YieldVerified
  35. SOA Exam FM Sample Question #35Retirement Accumulation AnnuityVerified
  36. SOA Exam FM Sample Question #36Equation of Value TimingVerified
  37. SOA Exam FM Sample Question #37Exact Cash-Flow MatchingVerified
  38. SOA Exam FM Sample Question #38Liability Matching with MortgagesVerified
  39. SOA Exam FM Sample Question #39Forward-Rate Cash-Flow MatchingVerified
  40. SOA Exam FM Sample Question #40Callable Bond Redemption ValueVerified
  41. SOA Exam FM Sample Question #41Callable Bond Guaranteed PriceVerified
  42. SOA Exam FM Sample Question #42Callable Discount BondVerified
  43. SOA Exam FM Sample Question #43Yield to WorstVerified
  44. SOA Exam FM Sample Question #44Duration ImmunizationVerified
  45. SOA Exam FM Sample Question #45Piecewise Geometric Cash FlowsVerified
  46. SOA Exam FM Sample Question #46Varying Force Accumulation TimeVerified
  47. SOA Exam FM Sample Question #47Bond Discount AmortizationVerified
  48. SOA Exam FM Sample Question #48Principal Portions and Total InterestVerified
  49. SOA Exam FM Sample Question #49Loan Refinancing PaymentVerified
  50. SOA Exam FM Sample Question #50Macaulay DurationVerified

Questions 51–100

  1. SOA Exam FM Sample Question #51Modified Duration ApproximationVerified
  2. SOA Exam FM Sample Question #52Forward Rate from Spot RatesVerified
  3. SOA Exam FM Sample Question #53Duration Around Coupon DateVerified
  4. SOA Exam FM Sample Question #54Dedication Cash-Flow MatchingVerified
  5. SOA Exam FM Sample Question #55Redington Immunization ConditionsVerified
  6. SOA Exam FM Sample Question #56Full ImmunizationVerified
  7. SOA Exam FM Sample Question #57Full ImmunizationVerified
  8. SOA Exam FM Sample Question #58Redington Immunization WeightsVerified
  9. SOA Exam FM Sample Question #59Coupon-Spread Bond PricingVerified
  10. SOA Exam FM Sample Question #60Loan Refinancing RateVerified
  11. SOA Exam FM Sample Question #61Yield from Equal Bond PricesVerified
  12. SOA Exam FM Sample Question #62Discrete Crediting DateVerified
  13. SOA Exam FM Sample Question #63Equivalent Varying AccumulationVerified
  14. SOA Exam FM Sample Question #64Loan Interest DecompositionVerified
  15. SOA Exam FM Sample Question #65Annuity Exhaustion Drop PaymentVerified
  16. SOA Exam FM Sample Question #66Perpetuities with Different FrequenciesVerified
  17. SOA Exam FM Sample Question #67Staged Loan PaymentsVerified
  18. SOA Exam FM Sample Question #68Changing Accumulation RatesVerified
  19. SOA Exam FM Sample Question #69Loan ReamortizationVerified
  20. SOA Exam FM Sample Question #70College Fund ShortfallVerified
  21. SOA Exam FM Sample Question #71Bond PriceVerified
  22. SOA Exam FM Sample Question #72Callable Bond Guaranteed PriceVerified
  23. SOA Exam FM Sample Question #73Forward Rate from Spot CurveVerified
  24. SOA Exam FM Sample Question #74Growing Monthly Retirement AnnuityVerified
  25. SOA Exam FM Sample Question #75Dated Deposits and Integer TimingVerified
  26. SOA Exam FM Sample Question #76Nominal Discount EquivalenceVerified
  27. SOA Exam FM Sample Question #77Equation of Value with Quarterly DepositsVerified
  28. SOA Exam FM Sample Question #78Equivalent Yield on Irregular DepositsVerified
  29. SOA Exam FM Sample Question #79Savings and Withdrawal EquationVerified
  30. SOA Exam FM Sample Question #80Annuity Exchange under Changing RatesVerified
  31. SOA Exam FM Sample Question #81Arithmetically Increasing CouponsVerified
  32. SOA Exam FM Sample Question #82Deferred Increasing AnnuityVerified
  33. SOA Exam FM Sample Question #83Growing Deposits and WithdrawalsVerified
  34. SOA Exam FM Sample Question #84Geometric Perpetuity DueVerified
  35. SOA Exam FM Sample Question #85Continuous PerpetuityVerified
  36. SOA Exam FM Sample Question #86Piecewise Interest AccumulationVerified
  37. SOA Exam FM Sample Question #87Drop PaymentVerified
  38. SOA Exam FM Sample Question #88Interest Portion ProgressionVerified
  39. SOA Exam FM Sample Question #89Mortgage with Extra PaymentsVerified
  40. SOA Exam FM Sample Question #90Rounded Loan PaymentsVerified
  41. SOA Exam FM Sample Question #91Zero-Coupon Redemption AccumulationVerified
  42. SOA Exam FM Sample Question #92Loan Rate from Principal PortionsVerified
  43. SOA Exam FM Sample Question #93Bond Redemption ValueVerified
  44. SOA Exam FM Sample Question #94Leveraged Bond Investment YieldVerified
  45. SOA Exam FM Sample Question #95Coupon Rate InterpolationVerified
  46. SOA Exam FM Sample Question #96Geometrically Increasing CouponsVerified
  47. SOA Exam FM Sample Question #97Bond Term from Book ValuesVerified
  48. SOA Exam FM Sample Question #98Bond Term from Discount AccrualVerified
  49. SOA Exam FM Sample Question #99Spot Rate from Forward RatesVerified
  50. SOA Exam FM Sample Question #100Duration and ConvexityVerified

Questions 101–150

  1. SOA Exam FM Sample Question #101Duration and ConvexityVerified
  2. SOA Exam FM Sample Question #102Duration and ConvexityVerified
  3. SOA Exam FM Sample Question #103Cash-Flow and Risk MatchingVerified
  4. SOA Exam FM Sample Question #104Cash-Flow and Risk MatchingVerified
  5. SOA Exam FM Sample Question #105Cash-Flow and Risk MatchingVerified
  6. SOA Exam FM Sample Question #106Cash-Flow and Risk MatchingVerified
  7. SOA Exam FM Sample Question #108Cash-Flow and Risk MatchingVerified
  8. SOA Exam FM Sample Question #109Cash-Flow and Risk MatchingVerified
  9. SOA Exam FM Sample Question #110Cash-Flow and Risk MatchingVerified
  10. SOA Exam FM Sample Question #111Annuities and PerpetuitiesVerified
  11. SOA Exam FM Sample Question #112Interest Rate ValuationVerified
  12. SOA Exam FM Sample Question #113Annuities and PerpetuitiesVerified
  13. SOA Exam FM Sample Question #114Annuities and PerpetuitiesVerified
  14. SOA Exam FM Sample Question #115Annuities and PerpetuitiesVerified
  15. SOA Exam FM Sample Question #116Annuities and PerpetuitiesVerified
  16. SOA Exam FM Sample Question #117Annuities and PerpetuitiesVerified
  17. SOA Exam FM Sample Question #118Annuities and PerpetuitiesVerified
  18. SOA Exam FM Sample Question #119Annuities and PerpetuitiesVerified
  19. SOA Exam FM Sample Question #120Annuities and PerpetuitiesVerified
  20. SOA Exam FM Sample Question #121Annuities and PerpetuitiesVerified
  21. SOA Exam FM Sample Question #122Annuities and PerpetuitiesVerified
  22. SOA Exam FM Sample Question #123Annuities and PerpetuitiesVerified
  23. SOA Exam FM Sample Question #124Interest Rate ValuationVerified
  24. SOA Exam FM Sample Question #125Loan AmortizationVerified
  25. SOA Exam FM Sample Question #126Loan AmortizationVerified
  26. SOA Exam FM Sample Question #127Loan AmortizationVerified
  27. SOA Exam FM Sample Question #128Loan AmortizationVerified
  28. SOA Exam FM Sample Question #129Loan AmortizationVerified
  29. SOA Exam FM Sample Question #130Loan AmortizationVerified
  30. SOA Exam FM Sample Question #131Loan AmortizationVerified
  31. SOA Exam FM Sample Question #132Loan AmortizationVerified
  32. SOA Exam FM Sample Question #133Loan AmortizationVerified
  33. SOA Exam FM Sample Question #134Loan AmortizationVerified
  34. SOA Exam FM Sample Question #135Bond ValuationVerified
  35. SOA Exam FM Sample Question #136Bond ValuationVerified
  36. SOA Exam FM Sample Question #137Bond ValuationVerified
  37. SOA Exam FM Sample Question #138Bond ValuationVerified
  38. SOA Exam FM Sample Question #139Bond ValuationVerified
  39. SOA Exam FM Sample Question #140Bond ValuationVerified
  40. SOA Exam FM Sample Question #141Bond ValuationVerified
  41. SOA Exam FM Sample Question #142Bond ValuationVerified
  42. SOA Exam FM Sample Question #143Interest Rate ValuationVerified
  43. SOA Exam FM Sample Question #144Duration and ConvexityVerified
  44. SOA Exam FM Sample Question #145Implied Macaulay DurationVerified
  45. SOA Exam FM Sample Question #146Duration and ConvexityVerified
  46. SOA Exam FM Sample Question #147Cash-Flow and Risk MatchingVerified
  47. SOA Exam FM Sample Question #148Cash-Flow and Risk MatchingVerified
  48. SOA Exam FM Sample Question #149Cash-Flow and Risk MatchingVerified
  49. SOA Exam FM Sample Question #150Cash-Flow and Risk MatchingVerified

Questions 151–200

  1. SOA Exam FM Sample Question #151Cash-Flow and Risk MatchingVerified
  2. SOA Exam FM Sample Question #152Duration and ConvexityVerified
  3. SOA Exam FM Sample Question #153Duration and ConvexityVerified
  4. SOA Exam FM Sample Question #154Duration and ConvexityVerified
  5. SOA Exam FM Sample Question #155Duration and ConvexityVerified
  6. SOA Exam FM Sample Question #156Duration and ConvexityVerified
  7. SOA Exam FM Sample Question #157Cash-Flow and Risk MatchingVerified
  8. SOA Exam FM Sample Question #158Bond ValuationVerified
  9. SOA Exam FM Sample Question #159Interest Rate ValuationVerified
  10. SOA Exam FM Sample Question #160Annuities and PerpetuitiesVerified
  11. SOA Exam FM Sample Question #161Loan AmortizationVerified
  12. SOA Exam FM Sample Question #162Loan AmortizationVerified
  13. SOA Exam FM Sample Question #163Bond ValuationVerified
  14. SOA Exam FM Sample Question #164Annuities and PerpetuitiesVerified
  15. SOA Exam FM Sample Question #165Duration and ConvexityVerified
  16. SOA Exam FM Sample Question #166Interest Rate ValuationVerified
  17. SOA Exam FM Sample Question #167Bond ValuationVerified
  18. SOA Exam FM Sample Question #168Loan AmortizationVerified
  19. SOA Exam FM Sample Question #169Annuities and PerpetuitiesVerified
  20. SOA Exam FM Sample Question #170Annuities and PerpetuitiesVerified
  21. SOA Exam FM Sample Question #171Annuities and PerpetuitiesVerified
  22. SOA Exam FM Sample Question #172Interest Rate ValuationVerified
  23. SOA Exam FM Sample Question #173Annuities and PerpetuitiesVerified
  24. SOA Exam FM Sample Question #174Annuities and PerpetuitiesVerified
  25. SOA Exam FM Sample Question #175Annuities and PerpetuitiesVerified
  26. SOA Exam FM Sample Question #176Loan AmortizationVerified
  27. SOA Exam FM Sample Question #177Loan AmortizationVerified
  28. SOA Exam FM Sample Question #178Annuities and PerpetuitiesVerified
  29. SOA Exam FM Sample Question #179Annuities and PerpetuitiesVerified
  30. SOA Exam FM Sample Question #180Interest Rate ValuationVerified
  31. SOA Exam FM Sample Question #181Cash-Flow and Risk MatchingVerified
  32. SOA Exam FM Sample Question #182Annuities and PerpetuitiesVerified
  33. SOA Exam FM Sample Question #183Duration and ConvexityVerified
  34. SOA Exam FM Sample Question #184Cash-Flow and Risk MatchingVerified
  35. SOA Exam FM Sample Question #185Duration and ConvexityVerified
  36. SOA Exam FM Sample Question #186Interest Rate ValuationVerified
  37. SOA Exam FM Sample Question #187Loan AmortizationVerified
  38. SOA Exam FM Sample Question #188Cash-Flow and Risk MatchingVerified
  39. SOA Exam FM Sample Question #189Bond ValuationVerified
  40. SOA Exam FM Sample Question #190Loan AmortizationVerified
  41. SOA Exam FM Sample Question #191Loan AmortizationVerified
  42. SOA Exam FM Sample Question #192Cash-Flow and Risk MatchingVerified
  43. SOA Exam FM Sample Question #193Cash-Flow and Risk MatchingVerified
  44. SOA Exam FM Sample Question #194Duration and ConvexityVerified
  45. SOA Exam FM Sample Question #195Duration and ConvexityVerified
  46. SOA Exam FM Sample Question #196Bond ValuationVerified
  47. SOA Exam FM Sample Question #197Cash-Flow and Risk MatchingVerified
  48. SOA Exam FM Sample Question #198Bond ValuationVerified
  49. SOA Exam FM Sample Question #199Cash-Flow and Risk MatchingVerified
  50. SOA Exam FM Sample Question #200Continuous Cash FlowsVerified

Questions 201–250

  1. SOA Exam FM Sample Question #201Growing PerpetuitiesVerified
  2. SOA Exam FM Sample Question #202Geometrically Varying AnnuitiesVerified
  3. SOA Exam FM Sample Question #203Loan Balances Between Payment DatesVerified
  4. SOA Exam FM Sample Question #205Redington ImmunizationVerified
  5. SOA Exam FM Sample Question #206Bond PricingVerified
  6. SOA Exam FM Sample Question #207Simple and Compound InterestVerified
  7. SOA Exam FM Sample Question #208Arithmetically Increasing PerpetuitiesVerified
  8. SOA Exam FM Sample Question #209Reinvestment of InterestVerified
  9. SOA Exam FM Sample Question #210Reinvestment of Loan PaymentsVerified
  10. SOA Exam FM Sample Question #211Deferred PerpetuitiesVerified
  11. SOA Exam FM Sample Question #212Retrospective Loan BalancesVerified
  12. SOA Exam FM Sample Question #213Bond YieldsVerified
  13. SOA Exam FM Sample Question #214Equivalent Interest MeasuresVerified
  14. SOA Exam FM Sample Question #215Geometrically Increasing DepositsVerified
  15. SOA Exam FM Sample Question #216Premium and Discount BondsVerified
  16. SOA Exam FM Sample Question #217Arithmetically Increasing AnnuitiesVerified
  17. SOA Exam FM Sample Question #218Loan RefinancingVerified
  18. SOA Exam FM Sample Question #219Macaulay DurationVerified
  19. SOA Exam FM Sample Question #220Spot and Forward RatesVerified
  20. SOA Exam FM Sample Question #221Spot and Forward RatesVerified
  21. SOA Exam FM Sample Question #222Spot and Forward RatesVerified
  22. SOA Exam FM Sample Question #223Duration and ConvexityVerified
  23. SOA Exam FM Sample Question #224Immunization and Asset-Liability ManagementVerified
  24. SOA Exam FM Sample Question #225Spot and Forward RatesVerified
  25. SOA Exam FM Sample Question #226Bond Pricing and YieldsVerified
  26. SOA Exam FM Sample Question #227Duration and ConvexityVerified
  27. SOA Exam FM Sample Question #228Duration and ConvexityVerified
  28. SOA Exam FM Sample Question #229Immunization and Asset-Liability ManagementVerified
  29. SOA Exam FM Sample Question #230Spot and Forward RatesVerified
  30. SOA Exam FM Sample Question #232Loan Balances and AmortizationVerified
  31. SOA Exam FM Sample Question #233AnnuitiesVerified
  32. SOA Exam FM Sample Question #234Bond Pricing and YieldsVerified
  33. SOA Exam FM Sample Question #235Bond Pricing and YieldsVerified
  34. SOA Exam FM Sample Question #236AnnuitiesVerified
  35. SOA Exam FM Sample Question #237AnnuitiesVerified
  36. SOA Exam FM Sample Question #238AnnuitiesVerified
  37. SOA Exam FM Sample Question #239Bond Pricing and YieldsVerified
  38. SOA Exam FM Sample Question #240Immunization and Asset-Liability ManagementVerified
  39. SOA Exam FM Sample Question #241Spot and Forward RatesVerified
  40. SOA Exam FM Sample Question #242AnnuitiesVerified
  41. SOA Exam FM Sample Question #243Loan Balances and AmortizationVerified
  42. SOA Exam FM Sample Question #244AnnuitiesVerified
  43. SOA Exam FM Sample Question #245AnnuitiesVerified
  44. SOA Exam FM Sample Question #246Loan Balances and AmortizationVerified
  45. SOA Exam FM Sample Question #247Interest Rate MeasuresVerified
  46. SOA Exam FM Sample Question #248Bond Pricing and YieldsVerified
  47. SOA Exam FM Sample Question #249Immunization and Asset-Liability ManagementVerified
  48. SOA Exam FM Sample Question #250Loan Balances and AmortizationVerified

Questions 251–300

  1. SOA Exam FM Sample Question #251Loan Balances and AmortizationVerified
  2. SOA Exam FM Sample Question #252Interest Rate MeasuresVerified
  3. SOA Exam FM Sample Question #253AnnuitiesVerified
  4. SOA Exam FM Sample Question #254AnnuitiesVerified
  5. SOA Exam FM Sample Question #255Loan Balances and AmortizationVerified
  6. SOA Exam FM Sample Question #256Loan Balances and AmortizationVerified
  7. SOA Exam FM Sample Question #257Interest Rate MeasuresVerified
  8. SOA Exam FM Sample Question #258Bond Pricing and YieldsVerified
  9. SOA Exam FM Sample Question #259AnnuitiesVerified
  10. SOA Exam FM Sample Question #260Duration and ConvexityVerified
  11. SOA Exam FM Sample Question #261AnnuitiesVerified
  12. SOA Exam FM Sample Question #262AnnuitiesVerified
  13. SOA Exam FM Sample Question #263Bond Pricing and YieldsVerified
  14. SOA Exam FM Sample Question #264Bond Pricing and YieldsVerified
  15. SOA Exam FM Sample Question #265Interest Rate MeasuresVerified
  16. SOA Exam FM Sample Question #266Spot and Forward RatesVerified
  17. SOA Exam FM Sample Question #267Loan Balances and AmortizationVerified
  18. SOA Exam FM Sample Question #268Immunization and Asset-Liability ManagementVerified
  19. SOA Exam FM Sample Question #269Bond Pricing and YieldsVerified
  20. SOA Exam FM Sample Question #270Immunization and Asset-Liability ManagementVerified
  21. SOA Exam FM Sample Question #271Bond Pricing and YieldsVerified
  22. SOA Exam FM Sample Question #272Loan Balances and AmortizationVerified
  23. SOA Exam FM Sample Question #273Bond Pricing and YieldsVerified
  24. SOA Exam FM Sample Question #274Immunization and Asset-Liability ManagementVerified
  25. SOA Exam FM Sample Question #275Immunization and Asset-Liability ManagementVerified
  26. SOA Exam FM Sample Question #276AnnuitiesVerified
  27. SOA Exam FM Sample Question #277AnnuitiesVerified
  28. SOA Exam FM Sample Question #278AnnuitiesVerified
  29. SOA Exam FM Sample Question #279Loan Balances and AmortizationVerified
  30. SOA Exam FM Sample Question #280Spot and Forward RatesVerified
  31. SOA Exam FM Sample Question #281Bond Pricing and YieldsVerified
  32. SOA Exam FM Sample Question #282Loan Balances and AmortizationVerified
  33. SOA Exam FM Sample Question #283Spot and Forward RatesVerified
  34. SOA Exam FM Sample Question #284Interest Rate MeasuresVerified
  35. SOA Exam FM Sample Question #285AnnuitiesVerified
  36. SOA Exam FM Sample Question #286AnnuitiesVerified
  37. SOA Exam FM Sample Question #287Loan Balances and AmortizationVerified
  38. SOA Exam FM Sample Question #288Loan Balances and AmortizationVerified
  39. SOA Exam FM Sample Question #289Loan Balances and AmortizationVerified
  40. SOA Exam FM Sample Question #290Bond Pricing and YieldsVerified
  41. SOA Exam FM Sample Question #291Spot and Forward RatesVerified
  42. SOA Exam FM Sample Question #292Bond Pricing and YieldsVerified
  43. SOA Exam FM Sample Question #293Duration and ConvexityVerified
  44. SOA Exam FM Sample Question #294Spot and Forward RatesVerified
  45. SOA Exam FM Sample Question #295Immunization and Asset-Liability ManagementVerified
  46. SOA Exam FM Sample Question #296Loan Balances and AmortizationVerified
  47. SOA Exam FM Sample Question #297Bond Pricing and YieldsVerified
  48. SOA Exam FM Sample Question #298AnnuitiesVerified
  49. SOA Exam FM Sample Question #299Immunization and Asset-Liability ManagementVerified
  50. SOA Exam FM Sample Question #300Loan Balances and AmortizationVerified

Questions 301–350

  1. SOA Exam FM Sample Question #301Bond Pricing and YieldsVerified
  2. SOA Exam FM Sample Question #302AnnuitiesVerified
  3. SOA Exam FM Sample Question #303Interest Rate MeasuresVerified
  4. SOA Exam FM Sample Question #304Immunization and Asset-Liability ManagementVerified
  5. SOA Exam FM Sample Question #305Loan Balances and AmortizationVerified
  6. SOA Exam FM Sample Question #306Immunization and Asset-Liability ManagementVerified
  7. SOA Exam FM Sample Question #307Immunization and Asset-Liability ManagementVerified
  8. SOA Exam FM Sample Question #308Immunization and Asset-Liability ManagementVerified
  9. SOA Exam FM Sample Question #309AnnuitiesVerified
  10. SOA Exam FM Sample Question #310AnnuitiesVerified
  11. SOA Exam FM Sample Question #311Spot and Forward RatesVerified
  12. SOA Exam FM Sample Question #312Interest Rate MeasuresVerified
  13. SOA Exam FM Sample Question #313AnnuitiesVerified
  14. SOA Exam FM Sample Question #314Loan Balances and AmortizationVerified
  15. SOA Exam FM Sample Question #315Bond Pricing and YieldsVerified
  16. SOA Exam FM Sample Question #316AnnuitiesVerified
  17. SOA Exam FM Sample Question #317Bond Pricing and YieldsVerified
  18. SOA Exam FM Sample Question #318Bond Pricing and YieldsVerified
  19. SOA Exam FM Sample Question #319Bond Pricing and YieldsVerified
  20. SOA Exam FM Sample Question #320Macaulay and Modified DurationVerified
  21. SOA Exam FM Sample Question #321Mixed Interest-Rate RegimesVerified
  22. SOA Exam FM Sample Question #322Accumulation Followed by a PerpetuityVerified
  23. SOA Exam FM Sample Question #323Geometrically Increasing Loan PaymentsVerified
  24. SOA Exam FM Sample Question #324Time-Varying Force of InterestVerified
  25. SOA Exam FM Sample Question #325Short Bond YieldVerified
  26. SOA Exam FM Sample Question #326Bond Book-Value ChangeVerified
  27. SOA Exam FM Sample Question #327Rate Conversion in an AnnuityVerified
  28. SOA Exam FM Sample Question #328Lease versus Purchase EquivalenceVerified
  29. SOA Exam FM Sample Question #329Principal and Interest in a Growing PaymentVerified
  30. SOA Exam FM Sample Question #330Interest Credited over a Specified YearVerified
  31. SOA Exam FM Sample Question #331Forward Interest RateVerified
  32. SOA Exam FM Sample Question #332Supplemental Savings DepositsVerified
  33. SOA Exam FM Sample Question #333Immunization PrinciplesVerified
  34. SOA Exam FM Sample Question #334Accumulation into an Annuity-DueVerified
  35. SOA Exam FM Sample Question #335Coupon Bond Anchored by a Zero PriceVerified
  36. SOA Exam FM Sample Question #336Reinvestment of Interest Cash FlowsVerified
  37. SOA Exam FM Sample Question #337Final Balloon PaymentVerified
  38. SOA Exam FM Sample Question #338Single-Liability Duration MatchingVerified
  39. SOA Exam FM Sample Question #339Full Immunization with Zero-Coupon AssetsVerified
  40. SOA Exam FM Sample Question #340Bond with Geometrically Growing CouponsVerified
  41. SOA Exam FM Sample Question #341Growing Perpetuity-Due under a Force of InterestVerified
  42. SOA Exam FM Sample Question #342Equation of Value under a Constant ForceVerified
  43. SOA Exam FM Sample Question #343Interest-Only Loan with Dedicated Zero-Coupon AssetsVerified
  44. SOA Exam FM Sample Question #344Exact Cash-Flow Matching with Coupon BondsVerified
  45. SOA Exam FM Sample Question #345Bond Term from Price and YieldVerified
  46. SOA Exam FM Sample Question #346Cost of an Exactly Matched Bond PortfolioVerified
  47. SOA Exam FM Sample Question #347Current Value of Dated Purchase-and-Sale Cash FlowsVerified
  48. SOA Exam FM Sample Question #348Equivalent Growing AnnuitiesVerified
  49. SOA Exam FM Sample Question #349Force of Interest to Nominal Discount ConversionVerified
  50. SOA Exam FM Sample Question #350Portfolio Weight for a Target DurationVerified

Questions 351–400

  1. SOA Exam FM Sample Question #351Loan Sale Proceeds for a Target Lender YieldVerified
  2. SOA Exam FM Sample Question #352Coupon Bond Price Anchored by a Zero BondVerified
  3. SOA Exam FM Sample Question #353Macaulay Duration from Price SensitivityVerified
  4. SOA Exam FM Sample Question #354Portfolio Duration under a Common YieldVerified
  5. SOA Exam FM Sample Question #355Arithmetic-Increasing Perpetuity-DueVerified
  6. SOA Exam FM Sample Question #356Linking a Force of Interest to Nominal DiscountVerified
  7. SOA Exam FM Sample Question #357Equivalent Quarterly and Sparse Annual AnnuitiesVerified
  8. SOA Exam FM Sample Question #358Implied Yield on Foregone Cash DiscountVerified
  9. SOA Exam FM Sample Question #359Arithmetic-Increasing Perpetuity with Multi-Year SpacingVerified
  10. SOA Exam FM Sample Question #360Monthly Perpetuity with Annual Step GrowthVerified
  11. SOA Exam FM Sample Question #361Monthly Contributions Funding an Annual PerpetuityVerified
  12. SOA Exam FM Sample Question #362Reinvestment of Withdrawn Fund InterestVerified
  13. SOA Exam FM Sample Question #363Terminal Value with Separately Reinvested InterestVerified
  14. SOA Exam FM Sample Question #364Unit-Payment Loan Amortization IdentitiesVerified
  15. SOA Exam FM Sample Question #365Equivalent Discount Rate over Mixed Interest RegimesVerified
  16. SOA Exam FM Sample Question #366Deposits Accumulated into a Semiannual PerpetuityVerified
  17. SOA Exam FM Sample Question #367Monthly Savings Converted to an Annual AnnuityVerified
  18. SOA Exam FM Sample Question #368Interest Forgone after Loan ForgivenessVerified
  19. SOA Exam FM Sample Question #369Interest Portion after RefinancingVerified
  20. SOA Exam FM Sample Question #370Loan AmortizationVerified
  21. SOA Exam FM Sample Question #371Interest Rate ValuationVerified
  22. SOA Exam FM Sample Question #372Duration and ConvexityVerified
  23. SOA Exam FM Sample Question #373Loan AmortizationVerified
  24. SOA Exam FM Sample Question #374Loan AmortizationVerified
  25. SOA Exam FM Sample Question #375Duration and ConvexityVerified
  26. SOA Exam FM Sample Question #376Duration and ConvexityVerified
  27. SOA Exam FM Sample Question #377Loan AmortizationVerified
  28. SOA Exam FM Sample Question #378Callable Bond ValuationVerified
  29. SOA Exam FM Sample Question #379Interest Rate ValuationVerified
  30. SOA Exam FM Sample Question #380Loan AmortizationVerified
  31. SOA Exam FM Sample Question #381Bond ValuationVerified
  32. SOA Exam FM Sample Question #382Cash-Flow and Risk MatchingVerified
  33. SOA Exam FM Sample Question #383Duration and ConvexityVerified
  34. SOA Exam FM Sample Question #384Bond ValuationVerified
  35. SOA Exam FM Sample Question #385Bond ValuationVerified
  36. SOA Exam FM Sample Question #386Annuities and PerpetuitiesVerified
  37. SOA Exam FM Sample Question #387Duration and ConvexityVerified
  38. SOA Exam FM Sample Question #388Loan AmortizationVerified
  39. SOA Exam FM Sample Question #389Duration and ConvexityVerified
  40. SOA Exam FM Sample Question #390Duration and ConvexityVerified
  41. SOA Exam FM Sample Question #391Interest Rate ValuationVerified
  42. SOA Exam FM Sample Question #392Annuities and PerpetuitiesVerified
  43. SOA Exam FM Sample Question #393Annuities and PerpetuitiesVerified
  44. SOA Exam FM Sample Question #394Interest Rate ValuationVerified
  45. SOA Exam FM Sample Question #395Annuities and PerpetuitiesVerified
  46. SOA Exam FM Sample Question #396Annuities and PerpetuitiesVerified
  47. SOA Exam FM Sample Question #397Annuities and PerpetuitiesVerified
  48. SOA Exam FM Sample Question #398Annuities and PerpetuitiesVerified
  49. SOA Exam FM Sample Question #399Bond ValuationVerified
  50. SOA Exam FM Sample Question #400Loan AmortizationVerified

Questions 401–450

  1. SOA Exam FM Sample Question #401Loan AmortizationVerified
  2. SOA Exam FM Sample Question #402Interest Rate ValuationVerified
  3. SOA Exam FM Sample Question #403Annuities and PerpetuitiesVerified
  4. SOA Exam FM Sample Question #404Bond ValuationVerified
  5. SOA Exam FM Sample Question #405Loan AmortizationVerified
  6. SOA Exam FM Sample Question #406Interest Rate ValuationVerified
  7. SOA Exam FM Sample Question #407Loan AmortizationVerified
  8. SOA Exam FM Sample Question #408Interest Rate ValuationVerified
  9. SOA Exam FM Sample Question #409Duration and ConvexityVerified
  10. SOA Exam FM Sample Question #410Interest Rate ValuationVerified
  11. SOA Exam FM Sample Question #411Duration and ConvexityVerified
  12. SOA Exam FM Sample Question #412Duration and ConvexityVerified
  13. SOA Exam FM Sample Question #413Loan AmortizationVerified
  14. SOA Exam FM Sample Question #414Interest Rate ValuationVerified
  15. SOA Exam FM Sample Question #415Loan AmortizationVerified
  16. SOA Exam FM Sample Question #416Bond ValuationVerified
  17. SOA Exam FM Sample Question #417Bond ValuationVerified
  18. SOA Exam FM Sample Question #418Interest Rate ValuationVerified
  19. SOA Exam FM Sample Question #419Bond ValuationVerified
  20. SOA Exam FM Sample Question #420Stepped and Level PerpetuitiesVerified
  21. SOA Exam FM Sample Question #421Premium Bond Value RelationshipsVerified
  22. SOA Exam FM Sample Question #422Monthly Loan EquationsVerified
  23. SOA Exam FM Sample Question #423Perpetuity DurationVerified
  24. SOA Exam FM Sample Question #424Geometric PerpetuitiesVerified
  25. SOA Exam FM Sample Question #425Present Value and Duration MatchingVerified
  26. SOA Exam FM Sample Question #426Redington ImmunizationVerified
  27. SOA Exam FM Sample Question #427Bond Realized YieldVerified
  28. SOA Exam FM Sample Question #428Perpetuities with Different FrequenciesVerified
  29. SOA Exam FM Sample Question #429Bond Modified DurationVerified
  30. SOA Exam FM Sample Question #430Coupon Bond Price RelationsVerified
  31. SOA Exam FM Sample Question #431Bond Premium AmortizationVerified
  32. SOA Exam FM Sample Question #432Redington Immunization ConditionsVerified
  33. SOA Exam FM Sample Question #433Prospective Loan BalancesVerified
  34. SOA Exam FM Sample Question #434Step-Coupon Bond PricingVerified
  35. SOA Exam FM Sample Question #435Callable Bond Yield ProtectionVerified
  36. SOA Exam FM Sample Question #436Arithmetic Increasing PerpetuityVerified
  37. SOA Exam FM Sample Question #437Accumulation of Bond DiscountVerified
  38. SOA Exam FM Sample Question #438Implied Short-Term Credit YieldVerified
  39. SOA Exam FM Sample Question #439Loan RefinancingVerified
  40. SOA Exam FM Sample Question #440First-Order Duration ApproximationVerified
  41. SOA Exam FM Sample Question #441Perpetuity Payment FrequencyVerified
  42. SOA Exam FM Sample Question #442Force of InterestVerified
  43. SOA Exam FM Sample Question #443Geometrically Increasing DepositsVerified
  44. SOA Exam FM Sample Question #444Bonds with Mixed Coupon FrequenciesVerified
  45. SOA Exam FM Sample Question #445Macaulay Price ApproximationVerified
  46. SOA Exam FM Sample Question #446Arithmetic Annuity-DueVerified
  47. SOA Exam FM Sample Question #447Perpetuity Duration ConversionVerified
  48. SOA Exam FM Sample Question #448Bond Book Value and Discount GrowthVerified
  49. SOA Exam FM Sample Question #449Bond Book Value versus Market ValueVerified
  50. SOA Exam FM Sample Question #450Redington Convexity RangeVerified

Questions 451–462

  1. SOA Exam FM Sample Question #451Two-Phase Deposit AccumulationVerified
  2. SOA Exam FM Sample Question #452Yield Uniqueness and BoundsVerified
  3. SOA Exam FM Sample Question #453Discount Amortization ScheduleVerified
  4. SOA Exam FM Sample Question #454Successive Discount IncrementsVerified
  5. SOA Exam FM Sample Question #455Cross-Frequency Bond PricingVerified
  6. SOA Exam FM Sample Question #456Premium Amortization ThresholdVerified
  7. SOA Exam FM Sample Question #457Midterm Bond Book ValueVerified
  8. SOA Exam FM Sample Question #458Cash-Flow Modified DurationVerified
  9. SOA Exam FM Sample Question #459Perpetuity Duration SensitivityVerified
  10. SOA Exam FM Sample Question #460Geometric Perpetuity ApproximationVerified
  11. SOA Exam FM Sample Question #461Macaulay Approximation for a Geometric PerpetuityVerified
  12. SOA Exam FM Sample Question #462Retrospective Loan BalanceVerified

Exam FM study and practice tools

Move from formula recall to unfamiliar problems

Use the free references for recall and calculator setup, then use original problems to test whether the method transfers.

Current syllabus · material choices

Exam FM study guide

Check prerequisites, follow the topic dependencies, choose evidence-backed materials, and build calculator fluency.

Free HTML · direct PDF download

Exam FM formula sheet

Review interest, annuity, loan, bond, duration, immunization, and derivative formulas with conditions and worked examples.

TVM · cash flow · bond · duration

BA II Plus guide

Map financial-mathematics setups to calculator worksheets while keeping the equation of value visible.

Current official set

How many SOA Exam FM sample questions are active?

The official sample set retrieved 2026-09-26 contains 459 active questions numbered 1–462. 3 questions SOA has deleted are excluded. Every remaining question has a worked solution here.

How to use the official sample questions

Keep the official wording in its source document and use this library as the worked-answer layer.

  1. Attempt a reference under time

    Open the official sample-question PDF, find the same number, and commit to an answer before reading the solution.

  2. Compare the decisive setup

    Check the named model, event or comparison date, parameter convention, and the exact step that selects the answer letter.

  3. Diagnose the wrong choice

    Use the distractor notes to identify whether the miss came from modeling, timing, boundaries, units, or arithmetic.

  4. Work the original variant

    Prove that the method transfers to new wording and parameters, then return to the topic hub for the next reference.

The Society of Actuaries also provides a free randomized online sample exam for P and FM using its existing sample-question pool.

Technique index

Practice the methods that repeat across Exam FM

These curated guides connect formulas, recognition rules, typical errors, and verified solutions that use the same technique across different syllabus settings.

54 verified problems

Annuities and Perpetuities

Level, due, deferred, increasing, growing, and perpetual payment streams under consistent timing and rates.

48 verified problems

Loan Amortization and Balances

Level-payment loans, prospective and retrospective balances, principal-interest splits, refinancing, and balloon payments.

31 verified problems

Duration and Convexity

Macaulay and modified duration, convexity, price sensitivity, immunization, and portfolio weighting.

Syllabus index

Browse by topic

Topic names and weight ranges come from the current official syllabus. Counts below include only pages that cleared the verification gate.

15–25%

Loans

82 verified solutions

15–25%

Bonds

96 verified solutions