1

Certified Actuarial
Analyst Resource Guide
Module 1
2017

caa-global.org
Contents

Welcome to Module 1 3
The Certified Actuarial Analyst qualification 4
The syllabus for the Module 1 exam 5
Assessment of the Module 1 exam 5
Studying for the Module 1 exam 6
► Recommended study hours 6
► Tuition 6
► Textbooks 6
► Free online resources 6
Specimen exam paper 8
Resources available at the exam centre 8
► Calculators 8
► Making notes during the exam 9
► Formulae and Tables for actuarial examinations 9
Appendix 1 Syllabus: Module 1 – Finance and Financial Mathematics 10
Appendix 2 Specimen Examination Paper: Module 1 – Finance and Financial Mathematics 16

Page | 2 CAA Module 1 Resource Guide

Welcome to Module 1 – the Entry
exam of the Certified Actuarial Analyst
qualification
The Certified Actuarial Analyst (CAA) is a professional Additional information
qualification from CAA Global. about the Module 1 exam,
including:
It is designed to provide you with a technical skills
qualification if you: • How to enter for
the exam
• work alongside actuaries – in areas such as data
• What will happen at
analysis, pricing and marketing
the exam centre
• work in the wider financial services area – perhaps can be found in the:
you already have other qualifications, and would like
to develop a skill set that will mark you out in a • Guide to Module 1
competitive environment • Student Actuarial
• work in a service centre environment – the analytical AnalystHandbook.
skills you’ll learn can then be added to your
business knowledge If you have any further
questions contact the
• have strong maths skills, and you want to and learn CAA Administration
on the job rather than going to university. Team who will be happy

@
The aim of the Module 1 Finance and Financial
Mathematics exam is to provide grounding in finance and
Email the team at:
financial mathematics with simple applications.
enquiries@
This Resource guide for Module 1 gives you the syllabus caa-global.org
you will cover for the exam, and details of some online
and other resources that will help you study for the
Module1 exam. There is also a specimen exam paper
giving examples of the type of questions you will be
asked.

Page | 3 CAA Module 1 Resource Guide

The Certified Actuarial Analyst
qualification
There are seven exams which you will need to complete for the qualification:

Module title Assessed by

Fundamental Mathematics & Statistics 2 hour Computer Based Assessment

– Module 0

Finance and Financial Mathematics 2 hour Computer Based Assessment of

– Module 1 60 questions

Statistics and Models 2 hour Computer Based Assessment

– Module 2

Long Term Actuarial Mathematics 2 hour Computer Based Assessment

– Module 3

Short Term Actuarial Mathematics 2 hour Computer Based Assessment

– Module 4

Models and Audit Trails 3 hour examination

– Module 5

Online Professional Awareness Test (PAT) 90 minute examination

In addition to passing the above exams, you must complete at least one year of relevant work
experience (Work-based skills).

Page | 4 CAA Module 1 Resource Guide

The syllabus for the Module 1 exam
The mathematical topics covered by the Module 1 exam are:

• The key principles of finance

• Cash flow models
• The time value of money using the concepts of compound interest and discounting
• Loan repayments by regular instalments of interest
• The use of discounted cash flow techniques in investment project appraisal
• Investment and risk characteristics
• Elementary compound interest problems assuming a tax-free investor
• The “term structure” of interest rates

You can find the full Module 1 syllabus in Appendix 1 of this Resource guide

Assessment of the Module 1 exam

The Module 1 exam is assessed by a 2 hour computer
based exam containing 60 multiple choice questions.

Before you start your 2 hour exam you will have an You can sit the exam at
extra 15 minutes for: one of the many centres
worldwide managed by
• reading the exam instructions, and
Pearson VUE.
• working through some basic sample questions so
that you become familiar with the format of the exam. You can find details of
your local exam centre on
You will also need to sign a statement of confidentiality their website by using their
in relation to the exam materials. regional contact details:

Pass standards for the exam are set by CAA Global. www.pearsonvue.com/
Details of pass standards for CAA exams will be
published in due course.

Page | 5 CAA Module 1 Resource Guide

Studying for the Module 1 exam
Recommended study hours
We recommend that you spend 125-150 hours studying to prepare for the exam.

Tuition
BPP Actuarial Education (ActEd),
provides online study material for this exam.

Details of their training materials and services are available on their website.

Website: www.bppacted.com
Email: [email protected]
Tel: +44 (0)1235 550 005

Please note
Education providers are listed here for information purposes. CAA Global has not
assessed the quality of the services provided.

Textbooks
Alternatively the following textbook should cover most of the content of the Module 1 syllabus.

• An Introduction to the mathematics of finance: a deterministic approach, Stephen Garrett,

2nd Edition, 2013, Butterworth-Heinemann.

Free online resources

Listed below are samples of free web-based resources in which learning support links covering
most, though not all, of the topics in Module 1 have been identified.

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 Please note
The content of these websites has not been quality assured by CAA Global.
The material should not be used as your primary learning resource, but may reinforce
and/or supplement other sources.

The following may be useful

Topic 1 – The key principles of finance

http://en.wikibooks.org/wiki/Principles_of_Finance
https://faculty.unlv.edu/pthistle/FIN301-London/Chapter01.pdf

Topic 2 – Cash flow models

www.ftadviser.com/2012/09/20/training/adviser-guides/guide-to-cash-flow-
modelling-
wOtRUYN32o2i948eSNsl0L/article.html

Topic 3 – The time value of money using the concepts of compound interest and discounting
http://en.wikibooks.org/wiki/Principles_of_Finance - Chapter 2

Topic 4 – Loan repayments by regular instalments of interest

http://en.wikipedia.org/wiki/Flat_rate_(finance)
http://en.wikipedia.org/wiki/Effective_interest_rate

Topic 5 – The use of discounted cash flow techniques in investment project appraisal
http://en.wikibooks.org/wiki/Principles_of_Finance - Chapters 2 and 4.

Topic 6 – Investment and risk characteristics

http://njaes.rutgers.edu/money/investmentrisk.asp
http://en.wikipedia.org/wiki/Financial_risk
www.fcac-acfc.gc.ca/Eng/resources/educationalPrograms/ft-of/Pages/invest-2-3.aspx
www.wikijob.co.uk/wiki/risk-characteristics-investments
http://en.wikipedia.org/wiki/Derivative_(finance)

Topic 7 – Elementary compound interest problems assuming a tax-free investor

www.mathsisfun.com/money/compound-interest.html

Topic 8 – The “term structure” of interest rates

www.investopedia.com/terms/t/termstructure.asp
http://en.wikipedia.org/wiki/Yield_to_maturity

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Specimen exam paper
A specimen exam paper for Module 1, with sample exam questions, is given in Appendix 2.
This will show you they types of questions which will be asked in the exam.

Please note
Only 20 sample questions are given in the Specimen exam paper. There will be a total
of 60 questions in the Module 1 exam you sit.
The questions found in the specimen paper will not be included in the Module 1 exam.

Resources available at the exam centre

Calculators
There is only one authorised calculator for all the CAA exams:

• Texas Instruments TI-30 Multiview (with or without suffix).

You should bring your own calculator with you to the exam. It will be checked
by exam centre staff, and the memory will be cleared.

If you bring a different calculator model it must be left in the locker with your
other personal belongings.

An on-screen scientific calculator will also be available for you to use during the exam.
However, some students have reported that they found this on-screen calculator difficult or
cumbersome to use, and so you may prefer to take your own TI-30 calculator to the exam
with you.

The TI-30 Multiview calculator is available to buy from shops or online retailers.

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Making notes during the exam
You will be provided with an erasable note board at the centre to use during the exam.

You will only be given one board at a time but are entitled to as many as you need during the
exam, and you will be able to keep these at your desk for the duration of the exam. You
should ask the supervisor for more if needed. The Pearson VUE staff will not provide you
with an eraser for the note boards.

The note boards will be collected by Pearson VUE staff at the end of the

exam. On occasion you may instead be given scrap paper to make notes on.

Formulae and Tables for actuarial examinations

The book of Formulae and Tables for examinations has been published to help students who sit
actuarial exams.

The book gives you formulae for:

• selected mathematical and statistical methods,

• calculus, time series and economic models,
and many other topics.

There are also tables for:

• compound interest calculations,

• selected statistical distributions, and
• other actuarial calculations.

You should make yourself familiar with these

tables and formulae during your exam preparation.
You can buy a copy by
You will not be able to use your own copy of the following this link:
book during your exam, but a PDF copy will be www.actuaries.org.uk/
available on your exam screen for you to use. catalog/formulae-and-tables

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Appendix 1
Syllabus: Module 1 - Finance and
Financial Mathematics
Aim
The aim of the Finance and Financial Mathematics syllabus is to provide grounding in finance
and financial mathematics with simple applications.

Topic 1
The key principles of finance
Indicative study and assessment weighting 5% 1
Learning objectives

(i) Define the principal terms in use in investment and asset management.

(ii) Explain the following key principles of finance:

(a) the relationship between finance and the real resources and between finance and
the objectives of an organisation
(b) the relationship between the stakeholders in an organisation (including lenders and
investors)
(c) the role and effects of the capital markets
(d) agency theory
(e) the theory of the maximisation of shareholder wealth.

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 Topic 2
Cashflow models
Indicative study and assessment weighting 5% 2
Learning objectives

(i) Describe how to use a generalised cashflow model to describe financial transactions.

(ii) For a given cashflow process:

(a) State the inflows and outflows in each future time period
(b) Explain whether the amount or the timing (or both) is fixed or uncertain.

(c) Describe, in the form of a cashflow model, the operation of: a zero-coupon bond; a
fixed- interest security; an index-linked security; cash on deposit; an equity; an “interest-
only” loan; a repayment loan; a property; and an annuity certain.

Topic 3
The time value of money using the concepts of compound
interest and discounting
Indicative study and assessment weighting 15% 3
Learning objectives

(i) Accumulate a single investment at a constant rate of interest under the operation of:

• simple interest
• compound interest.

(ii) Define the present value of a future payment.

(iii) Describe how a compound interest model can be used to represent the effect of investing a
sum of money over a period.

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(iv) Demonstrate how interest rates or discount rates may be expressed in terms of different
time periods:

(a) Define the relationship between the rates of interest and discount over one effective
period arithmetically and by general reasoning
(b) Define the relationships between the rate of interest payable once per effective
period, the rate of interest payable p times per time period and the force of
interest
(c) Explain the difference between nominal and effective rates of interest and derive
effective rates from nominal rates.

(v) Explain what is meant by real and money interest rates.

(vi) Calculate the present value and the accumulated value of a stream of payments
using specified rates of interest and the present value at a real rate of interest,
assuming a constant rate of inflation.

(vii) Discount and accumulate a sum of money or a series (possibly infinite) of cashflows
to any point in time where:

(a) the rate of interest or discount is constant

(b) the rate of interest or discount varies with time but is not a continuous function of time
(c) the rate of cashflow and/or the force of interest are continuous functions of time.

(viii) Calculate the present value and accumulated value of a series of payments made at regular
intervals under the operation of specific rates of interest where the first payment is:

(a) deferred for a period of time

(b) not deferred.

(ix) Apply the more important compound interest functions including annuities certain:
(a) Apply formulae in terms of i, v, n, d, δ, i(p) and d(p) for a , s , a
n n
( p)
n , s n( p ) , a n ,

sn , a n( p ) , sn( p ) , a n and s n .

(b) Apply formulae in terms of i, v, n, d, δ, i(p) and d(p) for a , a ( p ) , m a n ,

m n m n

a ( p ) and m a n .
m n

(x) Calculate quantities using an equation of value, where payment or receipt is certain.

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 Topic 4
Loan repayments by regular instalments of interest
and capital
Indicative study and assessment weighting 20% 4
Learning objectives

(i) Describe how a loan may be repaid by regular instalments of interest and capital.

(ii) Describe flat rates and annual effective rates of interest.

(iii) Calculate a schedule of repayments under a loan and identify the interest and capital
components of annuity payments where the annuity is used to repay a loan for the case
where annuity payments are made once per effective time period or p times per effective
time period/ and identify the capital outstanding at any time.

Topic 5
Use of discounted cashflow techniques in
investment project appraisal
Indicative study and assessment weighting 20% 5
Learning objectives

(i) Calculate the net present value and accumulated profit of the receipts and payments from
an investment project at given rates of interest.

(ii) Calculate the internal rate of return implied by the receipts and payments from an
investment project.

(iii) Calculate the money-weighted rate of return, the time-weighted rate of return and the
linked internal rate of return on an investment or a fund.

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 Topic 6
Investment and risk characteristics
Indicative study and assessment weighting 5%

Learning objectives
6
(i) Describe the investment and risk characteristics of the following types of asset available
for investment purposes:

(a) fixed interest government borrowings

(b) fixed interest borrowing by other bodies
(c) shares and other equity-type finance
(d) derivatives.

Topic 7
Elementary compound interest problems assuming
a tax-free investor
Indicative study and assessment weighting 25% 7
Learning objectives

(i) Calculate the present value of payments from a fixed interest security where the coupon
rate is constant and the security is redeemed in one Instalment.

(ii) Calculate the running yield and the redemption yield from a fixed interest security
[as in 7 (i)], given the price.

(iii) Calculate the present value or yield from an ordinary share and a property, given simple
(but not necessarily constant) assumptions about the growth of dividends and rents.

(iv) Calculate the present value of an index-linked bond, given assumptions about the rate
of inflation.

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 8
Topic 8
The “term structure” of interest rates
Indicative study and assessment weighting 5%

Learning objectives

(i) Describe the main factors influencing the term structure of interest rates.

(ii) Explain what is meant by the par yield and the yield to maturity.

(iii) Explain what is meant by discrete spot rates and forward rates.

(iv) Define the relationships between discrete spot rates and forward rates.

(v) Calculate discrete spot rates and forward rates.

END OF SYLLABUS

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Appendix 2 Specimen Examination Paper:
Module 1- Finance and Financial
Mathematics
Please note:
• This Specimen Examination Paper acts as an example of the types of questions
that will appear in the Module 1 Exam Paper.
• Although only 20 sample questions are listed in this specimen paper, there will be a
total of 60 questions in the actual Module 1 examination.
• The questions found in the Module 1 Specimen Examination Paper will not be
included in the actual Module 1 examination.

1. Credit risk is:

A. The risk that a lender will not provide a loan.
B. The risk that the borrower will not repay the loan.
C. The risk that a bond will be given a low credit rating.
D. The risk that a bond will be given a high credit rating.
Answer: B
[Topic 6]

Page | 16 CAA Module 1 Resource Guide

2. A local authority issues a fixed interest security. The local authority cash flows
will be:
A. An initial positive cash flow, a single known negative cash flow on the
specified future date, and a series of smaller known negative cash flows on
a regular set of specified dates in the future.
B. An initial negative cash flow, a single known positive cash flow on the
specified future date, and a series of smaller known positive cash flows on
a regular set of specified dates in the future.
C. An initial positive cash flow, a single known negative cash flow on the
specified future date, and a series of smaller variable negative cash flows
on a regular set of specified dates in the future.
D. An initial negative cash flow, a single known positive cash flow on the
specified future date, and a series of smaller variable positive cash flows
on a regular set of specified dates in the future.

Answer: A
[Topic 2]

3. £500 is invested in a fixed interest account. No further deposits or withdrawals

are made. At the end of 10 years the value of the account has increased to
£700.

What is the annual rate of compound interest that has been paid over the 10
years?
A. 3.3%
B. 3.4%
C. 4.0%
D. 14.0%
Answer: B
[Topic 7]

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4. An amount of $5,000 is deposited into a savings account where it earns a
nominal interest rate of 5% per annum, compounded monthly.
Calculate the value of the investment after 10 years.
A. $5,212
B. $5,256
C. $8,144
D. $8,235

Answer: D
[Topic 4]

5. An individual needs to meet a liability of £5,000 due in exactly 5 years’ time.

To save to meet this liability the individual wishes to save a fixed amount each
year in a savings account that pays 2% p.a. compound interest. The first
payment will be made today and a further three payments will be paid on each
anniversary of today. No further deposits or withdrawals are made.

How much should the individual save each year?

A. £942
B. £1,166
C. £1,189
D. £1,250
Answer: B
[Topic 3]

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6. A bank offers a customer a loan of £65,000 repayable by level annual
instalments of £5,127.69 payable annually in arrear over a period of 20 years.

Calculate the effective rate of interest per annum that will be paid by the
customer on the loan
A. 4.8%
B. 4.9%
C. 5.0%
D. 5.1%
Answer: A
[Topic 4]

7. A credit company offers a loan of £50,000. The loan is to be repaid by level monthly
instalments in arrears of £407.63 over a 25 year term. Interest is to be charged at an
effective rate of 9% p.a.

Calculate the interest paid in the final year to the nearest £1.
A. £222
B. £408
C. £4,671
D. £4,892

Answer: A
[Topic 4]

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8. A bank makes a loan of £3,710 to be repaid in instalments annually in arrear.
The first instalment is £500, the second £480 and so on with the payments
reducing by £20 per annum until the end of the 15th year after which there are
no further payments. The rate of interest charged by the lender is 6% per
annum effective.

Calculate the capital component of the second payment to the nearest £1.
A. £206
B. £223
C. £274
D. £277
Answer: C
[Topic 4]

9. A bank made a loan of £100,000 to be repaid by level instalments of

£14,902.91, payable annually in arrear for 10 years from the date the loan was
granted. The annual repayments were calculated at an effective rate of interest
of 8% p.a.

At the start of the 8th year, immediately after the 7th payment has been made,
the borrower asked for the term of the loan to be extended by 2 years. The
bank agreed to do this on condition that the rate of interest is increased to an
effective rate of 12% per annum for the remainder of the term and that all
future payments are paid quarterly in arrear.

Calculate the new quarterly payment to the nearest £1.

A. £2,336
B. £2,582
C. £3,726
D. £10,206
Answer: B
[Topic 4]

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10. The owner of a café is considering investing in a small project. The project
involves buying a vegetable juicing machine for $10,000. She expects to be
able to sell 1,000 vegetable juice drinks each year at $2.00 per cup. Each cup
will cost $0.20 to produce. She expects the machine to have a life of 6 years
after which she will sell it to a scrap metal merchant for $1,000.

Calculate, to the nearest $1, the net present value of the project at an interest
rate of 5%
p.a. assuming that the drinks are sold continuously throughout each year.

A. -$637
B. -$118
C. +$109
D. +$1,149
Answer: C
[Topic 5]

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11. A property developer is considering investing in a project. The project is a special
arrangement with a local business that owns an empty office building and is in
need of short-term cash.

Under the terms of the arrangement the developer will buy the building for
£5,000,000. In order to make the building suitable as a business premises he will
need to spend £7,000,000 continuously during the first year. At the end of the first
year, he will let the property to the business for a further ten years at a fixed
annual rent, payable annually in advance. The business will then buy back the
property from him at twice the original sale price i.e. £10,000,000.

Calculate to the nearest £5,000 the annual rent the developer needs to charge in
order to obtain an internal rate of return of 7% p.a. from this project.

A . £920,000

B . £950,000

C. £965,000

D. £1,000,000
Answer: D
[Topic 5]

12. An investor places £25,000 into a fund on 1 January and holds the fund for 2 years.
He invests a further £5,000 on 1 July of the 1st year. At the end of the 2-year period on
31 December of the 2nd year, the fund is valued at £32,700.

Calculate, to one decimal place, the annual money weighted rate of return that
the investor achieved on the fund over the period.

A. 4.4%
B. 4.6%
C. 4.8%
D. 5.0%

Answer: B
[Topic 5]

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13. A pension fund was valued at $40,000,000 on 1 January. The returns achieved on the
pension fund during the year were as follows:

1 January to 31 March + 5.4%

1 April to 30 June + 0.1%
1 July to 30 September + 0.6%
1 October to 31 December + 8.2%

The fund manager invested $5,000,000 into the fund on 31 March and withdrew
$8,000,000 from the fund on 30 September. At the end of the year he calculated
the time weighted return (TWRR) on the fund to be 14.8%.

What can you deduce about the money weighted rate of return (MWRR) on the
fund?

A. The MWRR was 14.8%

B. The MWRR was less than 14.8%
C. The MWRR was greater than 14.8%
D. No conclusions can be drawn about the MWRR

Answer: D
[Topic 5]

14. A call option is where:

A. The holder has the option to buy a specified asset at an agreed price
B. The holder has the option to sell a specified asset at an agreed price
C. The holder has the obligation to buy a specified asset at an agreed price
D. The holder has the obligation to sell a specified asset at an agreed price

Answer: A
[Topic 1]

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15. A bond is redeemable at par in 5 years’ time. Coupons are paid quarterly in arrear at a
rate of 5% p.a.

The price of the bond per £100 nominal which would give an investor a redemption yield
of 7% p.a. effective is:

A. £91.80

B. £92.33

C. £92.69

D. £155.42

Answer: B
[Topic 7]

16. A fixed interest bond was issued at £110 per £100 nominal 6 years ago and will be
redeemed in 2 years’ time at £105 per £100 nominal.

An investor has just purchased the bond for £97 per £100 nominal. Coupons of £4.50
are paid annually in arrear with the next coupon due in exactly 1 years’ time. The bond
will be redeemed at par in exactly 2 years’ time.

The current running yield on the bond is:

A. 3.6%
B. 4.1%
C. 4.6%
D. 6.1%
Answer: C
[Topic 7]

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17 An investor wishes to purchase a portfolio of shares in a company. The company
does not expect to pay dividends for the next 2 years at which point it will pay a
dividend of $0.10 per share. Dividends are expected to be paid annually
thereafter and increase at 5% p.a.

The price per share the investor should pay to achieve a return of 7% p.a. on the
portfolio, based on the assumption that the shares are held in perpetuity is:

A . $1.25
B. $2.00
C . $4.67
D. $5.20
Answer: C
[Topic 2]

18 An investor is considering purchasing a share currently priced at £25.00

Dividends are paid annually. The next dividend is expected in 1 years’ time.

The dividend that has just been paid was £0.50. Based on previous company
accounts the Investor expects annual dividends to continue and to increase in line
with inflation at 3% p.a.

Assuming that the share is held in perpetuity, calculate the annual yield, to the
nearest 1%, implied by the share price.

A. 2%
B. 3%
C. 4%
D. 5%

Answer: D
[Topic 7]

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19 An index-linked bond is issued with a term of 10 years. The bond will be
redeemed at par and annual coupons are to be paid at 5% in arrear. Both
coupons and the redemption payment will increase in line with inflation from the
date of issue. Inflation is assumed to be 2.5% p.a. throughout the term.

Assuming an interest rate of 7% p.a. effective, what is the purchase price of the
bond per £100 nominal?
A. £85.95
B. £90.61
C. £103.88
D. £104.85
Answer: D
[Topic 7]

20 The following spot rates apply:

1-year spot rate 2.5%

2-year spot rate 3.0%
3-year spot rate 3.5%
4-year spot rate 4.0%

Calculate the 2-year forward rate from time t=2, expressed as an annual rate of interest
to one decimal place.

A. 3.2%
B. 3.7%
C. 4.5%
D. 5.0%

Answer: D
[Topic 8]

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