历年SOA真题精品Course8E（第三部分）——北美精算师是高顿网校小编的辛勤劳作的成果。
　　cash flows expected in the
　　five year period.
　　You are given the following data:
　　New West Life weighted average cost of capital (WACC): k = 10%
　　New West Life fe Beta: β NW = 1.2
　　Joint Venture Beta: β JV = 0.8
　　Market Return: rm = 9%
　　Risk-free Rate: rf = 4%
　　The CEO of New West has asked you to review the joint venture opportunity.
　　(a) Determine the appropriate risk-adjusted discount rate to use to assess this
　　opportunity.
　　(b) Assess the opportunity using a net present value (NPV) approach.
　　(c) Re-*uate the joint venture using a contingent claims analysis (CCA) approach.
　　(d) Explain to the CEO why the NPV and CCA results are different.
　　(e) Recommend to the CEO whether or not New West should pursue this
　　opportunity. Justify your response.
　　COURSE 8: Fall 2005 - 4 - GO TO NEXT PAGE
　　Finance and Enterprise Risk Management; Core Segment
　　Morning Session
　　4. (8 points) You are the Chief Actuary of Global Insu
　　高顿网校之名人信念：灵感并不是在逻辑思考的延长线上产生，而是在破除逻辑或常识的地方才有灵感。——爱因斯坦