Guidance on amount of details needed for calculation questions ?
I'm wondering what level of detail I need to write down for calculation questions. For instance, for a discount factor calculation using a payment pattern, should I write:
- PV = (cumulative percentage at 24 months - cumulative percentage at 12 months) / (1 - cumulative percentage at 12 months) / (1 + interest rate)^0.5 + ...
- PV = (0.3 - 0.1) / (1 - 0.1) / 1.05^0.5 + ...
- PV = 0.794
The second and third options save quite a bit of time, partly because I tend to struggle to put words on some of the numbers in the formulas I use.
I haven't read anything addressing this topic, but please let me know if it's available somewhere. Thanks !
Comments
The second option is definitely the one to use. That is similar to what I see in the examiner's reports. (PV = (0.3 - 0.1) / (1 - 0.1) / 1.05^0.5 + ...
The first is far too long and wordy and the third option is too short because if your number is wrong you wouldn't get any partial credit.
I don't recall reading any specific advice from the CAS on this, but your best bet is to follow the format of the examiner's reports, which would be closest to your option 2 above.