Free Practice Questions for PAI CF1 — Matematika Keuangan

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Key Facts: PAI CF1 — Matematika Keuangan Exam

Multiple-choice questions on the CF1 paper

PAI Kurikulum Pendidikan 2024

3 hours

CF1 examination time

PAI Kurikulum Pendidikan 2024

Rp1,500,000

ASAI-level module fee, first 2026 registration window

PAI Jadwal, Tempat dan Biaya Ujian

18 August 2026

Scheduled CF1 sitting (09.00–12.00)

PAI Jadwal, Tempat dan Biaya Ujian

PAI CF1 is a 3-hour, closed-book paper of 30 multiple-choice questions in financial mathematics, part of the ASAI qualification. Its 2024 syllabus weights annuities and the term structure of interest rates most heavily, alongside interest theory, loans, bonds, derivatives and portfolio theory. Only scientific calculators are allowed, and PAI does not publish a pass mark. The 2026 fee for ASAI modules is Rp1,500,000 in the first registration window. These 100 free questions are an independent English-language MCQ study adaptation.

Sample PAI CF1 — Matematika Keuangan Practice Questions

Try these sample questions to review concepts for the PAI CF1 — Matematika Keuangan exam. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1An investor deposits Rp100,000,000 into a bank account earning a nominal annual interest rate of 6% compounded monthly. What is the accumulated value of the deposit at the end of 3 years?

A.Rp119,668,052

B.Rp118,000,000

C.Rp119,101,600

D.Rp119,721,736

Explanation: A nominal rate of 6% compounded monthly gives a monthly effective rate of 0.06/12 = 0.005, and 3 years contain 36 monthly periods. The accumulated value is 100,000,000 × (1.005)^36 = 100,000,000 × 1.1966805 = Rp119,668,052.

2A fund credits an annual effective rate of discount d = 5%. What is the equivalent annual effective rate of interest i?

A.4.76%

B.5.26%

C.5.00%

D.5.54%

Explanation: The effective interest and discount rates satisfy i = d/(1 − d). With d = 0.05, i = 0.05/0.95 = 0.052632, or 5.26%. Interest is measured on the amount at the start of the period and discount on the amount at the end, so i is always larger than d.

3An investment account follows the accumulation function a(t) = 1 + 0.04t + 0.002t^2 for t ≥ 0. What is the force of interest δ(t) at t = 5?

A.0.0400

B.0.0600

C.0.0480

D.0.0503

Explanation: The force of interest is δ(t) = a'(t)/a(t). Here a'(t) = 0.04 + 0.004t, so a'(5) = 0.06, and a(5) = 1 + 0.20 + 0.05 = 1.25. Therefore δ(5) = 0.06/1.25 = 0.0480.

4If the constant force of interest is δ = 0.07, what is the equivalent nominal annual rate of discount convertible quarterly, d^(4)?

A.0.0725

B.0.0706

C.0.0676

D.0.0694

Explanation: Under a constant force δ, 1 − d^(m)/m = e^(−δ/m). For m = 4, 1 − d^(4)/4 = e^(−0.0175) = 0.9826522, so d^(4) = 4 × 0.0173478 = 0.0694.

5An investor earns a nominal interest rate of 8% compounded quarterly. Annual inflation is 3.5%. What is the exact annual real rate of interest?

A.4.74%

B.4.58%

C.4.50%

D.4.35%

Explanation: The annual effective money rate is (1.02)^4 − 1 = 8.2432%. The exact Fisher relation is (1 + i) = (1 + r)(1 + inflation), so 1 + r = 1.082432/1.035 = 1.045828 and the real rate is 4.58%.

6The force of interest is δ(t) = 0.02 + 0.01t for t ≥ 0. What is the accumulated value at t = 4 of Rp25,000,000 deposited at t = 0?

A.Rp29,337,772

B.Rp31,781,229

C.Rp29,000,000

D.Rp27,082,177

Explanation: The accumulation factor is exp(∫ from 0 to 4 of δ(t) dt). The integral is [0.02t + 0.005t^2] from 0 to 4 = 0.08 + 0.08 = 0.16, so the factor is e^0.16 = 1.1735109. The accumulated value is 25,000,000 × 1.1735109 = Rp29,337,772.

7For a positive rate of interest and an integer m > 1, which ordering of the effective discount rate d, the force of interest δ, the nominal interest rate i^(m) and the effective interest rate i is always true?

A.δ < d < i < i^(m)

B.d < i^(m) < δ < i

C.d < δ < i^(m) < i

D.i < i^(m) < δ < d

Explanation: For positive rates the measures are ordered d < d^(m) < δ < i^(m) < i. As the conversion frequency m increases, nominal discount rates rise toward δ and nominal interest rates fall toward δ, so δ always lies between d and i^(m).

8Rate A is a nominal interest rate of 8% convertible quarterly, i^(4) = 8%. Rate B is a nominal discount rate of 7.8% convertible semi-annually, d^(2) = 7.8%. Which quote gives the higher annual effective rate of interest?

A.d^(2) gives the higher effective rate (8.28% versus 8.24%)

B.Both quotes give the same effective annual rate

C.i^(4) gives the higher effective rate (8.24% versus 7.95%)

D.i^(4) gives the higher effective rate (8.24% versus 8.00%)

Explanation: For Rate A, i = (1 + 0.08/4)^4 − 1 = 8.2432%. For Rate B, 1 − d = (1 − 0.078/2)^2 = 0.923521, so i = 1/0.923521 − 1 = 8.2812%. The discount-rate quote therefore gives the slightly higher effective rate of interest.

9An investor buys a 180-day money-market bill with face value Rp1,000,000,000 quoted at a simple discount rate of 5.4% per annum on an actual/360 basis. What is the purchase price?

A.Rp973,369,863

B.Rp973,000,000

C.Rp946,000,000

D.Rp973,709,834

Explanation: Under simple discount the price is P = F × [1 − d × (days/360)]. Here P = 1,000,000,000 × (1 − 0.054 × 180/360) = 1,000,000,000 × 0.973 = Rp973,000,000.

10The nominal rate of discount convertible monthly is d^(12) = 4.8%. What is the equivalent nominal rate of interest convertible quarterly, i^(4)?

A.4.80%

B.4.93%

C.4.84%

D.4.82%

Explanation: The monthly discount factor is 1 − 0.048/12 = 0.996, so the accumulation factor for one quarter is (0.996)^(−3) = 1.0120966. Then i^(4) = 4 × 0.0120966 = 4.84%. For reference, the annual effective rate is (0.996)^(−12) − 1 = 4.93%.

About the PAI CF1 — Matematika Keuangan Exam

CF1 Matematika Keuangan (formerly A10) is the financial mathematics module of the professional actuarial examinations run by Persatuan Aktuaris Indonesia (PAI). It is one of the ASAI-level modules and is also required for PAI's CNLA certification. Under the 2024 syllabus it is a 3-hour, closed-book paper of 30 multiple-choice questions covering interest theory, annuities, the term structure of interest rates, loan repayment, bond pricing, basic derivatives and portfolio mathematics. This free bank is an independent English-language MCQ study adaptation, not an official translation or simulation of the PAI paper, which is set in Indonesian.

Exam sponsor: Persatuan Aktuaris Indonesia (PAI). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

A 3-hour closed-book paper of 30 multiple-choice questions covering seven syllabus sections: time value of money (10–20%), annuities and multiple cash flows (20–30%), term structure of interest rates (20–30%), loan repayment (5–15%), bond pricing (10–20%), derivative instruments (5–15%) and financial mathematics for portfolio construction (5–15%). Only non-programmable scientific calculators are permitted. In 2026 PAI held a May sitting and scheduled CF1 for 18 August 2026, 09.00–12.00, in Jakarta, Bandung, Yogyakarta and Surabaya.

Time Limit

3 hours (180 minutes)

Passing Score

Not published by PAI

Exam / Certification Fees

Rp1,500,000 (registration 6–20 July 2026) or Rp2,000,000 (21–24 July 2026); students and ministry candidates Rp300,000 or Rp800,000

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

PAI — Silabus Ujian (Kurikulum Pendidikan PAI 2024, effective 21 October 2024) · Source checked 2026-09-13
PAI — Jadwal, Tempat dan Biaya Ujian · Source checked 2026-09-13
PAI — Ujian Reguler (ASAI and FSAI module lists) · Source checked 2026-09-13
PAI — Contoh Soal Ujian ASAI (past papers, including May 2026) · Source checked 2026-09-13

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

15 of 100 questions

Time Value of Money

Effective, nominal and discount rates, force of interest, inflation and real rates, simple discount, NPV and IRR, and dollar-weighted and time-weighted returns.

22 of 100 questions

Annuities and Multiple Cash Flows

Annuities-immediate and annuities-due, perpetuities, m-thly and continuous annuities, increasing, decreasing and geometric annuities, and deferred annuities.

22 of 100 questions

Term Structure, Duration and Immunization

Spot and forward rates, bootstrapping, yield curve theories, Macaulay and modified duration, convexity, and Redington and full immunization.

10 of 100 questions

Loan Repayment

Level payments, prospective and retrospective balances, interest and principal splits, sinking funds, prepayments and balloon payments.

14 of 100 questions

Bond Pricing

Basic and Makeham price formulas, premium and discount, book values, redemption above par, yield and coupon rates, and callable bonds.

9 of 100 questions

Derivative Instruments

Call, put and forward payoffs and profits, prepaid forwards, forward prices with dividends, strike-price bounds, bull spreads and collars.

8 of 100 questions

Portfolio Construction

CAPM, portfolio beta, two-asset portfolio risk, minimum-variance weights, multi-factor models and mean-variance assumptions.

Preparing for the PAI CF1 — Matematika Keuangan Exam

What You Need to Know

Passing score: Not published by PAI
Assessment: A 3-hour closed-book paper of 30 multiple-choice questions covering seven syllabus sections: time value of money (10–20%), annuities and multiple cash flows (20–30%), term structure of interest rates (20–30%), loan repayment (5–15%), bond pricing (10–20%), derivative instruments (5–15%) and financial mathematics for portfolio construction (5–15%). Only non-programmable scientific calculators are permitted. In 2026 PAI held a May sitting and scheduled CF1 for 18 August 2026, 09.00–12.00, in Jakarta, Bandung, Yogyakarta and Surabaya.
Time limit: 3 hours (180 minutes)
Exam / certification fees: Rp1,500,000 (registration 6–20 July 2026) or Rp2,000,000 (21–24 July 2026); students and ministry candidates Rp300,000 or Rp800,000 Official sources

Using Our Practice Resources

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PAI CF1 — Matematika Keuangan: Suggested Study Strategy

1Practise with a non-programmable scientific calculator, because PAI does not allow financial calculators; know the annuity formulas well enough to evaluate them directly.

2Give the term structure section as much time as annuities: spot and forward rates, bootstrapping, duration, convexity and Redington immunization together carry 20–30% of the syllabus.

3Do not skip derivatives and portfolio mathematics; the 2024 syllabus gives each 5–15%, covering option payoffs, forward prices with dividends, spreads and collars, the CAPM and two-asset portfolio variance.

4For loans and bonds, check every balance both prospectively and retrospectively, and use the premium/discount formula P − C = (Fr − Ci) × a_n to find book values and write-downs quickly.

Frequently Asked Questions

What does PAI CF1 cover?

CF1 Matematika Keuangan tests financial mathematics under PAI's 2024 syllabus: time value of money, annuities and multiple cash flows, the term structure of interest rates (including duration, convexity and immunization), loan repayment, bond pricing, basic derivatives, and portfolio mathematics such as the CAPM and mean-variance theory.

What is the CF1 exam format?

The syllabus specifies 30 multiple-choice questions in 3 hours. The May 2026 paper was closed-book, gave five options per question with equal weights and no deduction for wrong answers, and allowed only non-programmable scientific calculators such as the Casio fx-991 series; financial calculators were not permitted.

How much does CF1 cost and when is it held in 2026?

PAI lists Rp1,500,000 for ASAI-level modules when registering from 6 to 20 July 2026 and Rp2,000,000 from 21 to 24 July 2026, with reduced fees of Rp300,000 and Rp800,000 for D1–D4 and S1 students and ministry candidates. CF1 is scheduled for 18 August 2026, 09.00–12.00, in Jakarta, Bandung, Yogyakarta and Surabaya; PAI also held a May 2026 sitting.

What is the pass mark for CF1?

PAI does not publish a numeric pass mark in its syllabus or exam guidelines. Results are announced by PAI after each sitting.

Where does CF1 fit in the PAI qualifications?

CF1, formerly A10, is one of the ASAI-level modules (with CF2, CF3, CF4, TA1, TA2, TA3 and PM1). It is also one of the modules for PAI's Certified Non Life Analyst (CNLA) certification. PAI does not require the modules to be taken in a fixed order.

Are these official PAI exam questions?

No. This is independent practice by OpenExamPrep in English with four-option multiple-choice questions. It is not an official translation of the Indonesian paper, does not simulate its five-option format, and is not affiliated with or endorsed by PAI.