Course text: "The number of contracts issued in the company's last financial year is divided into the corresponding number that survive until the first policy anniversary in force to give a first year persistency rate. The first year withdrawal rate can be determined as one less the persistency rate." I read "divided into" as: 1 divided into 2 as 1/2 and so I'd read the above as: persistency rate = # issued / # survivals so if we issued 100 and 90 survived my persistency rate would be 1.11 and my withdrawal rate would be -0.111 which doesn't make sense. I presume my interpretation of "divided into" is wrong. Can someone please clarify, perhaps using the more common "divided by" term please (where 1 divided by 2 is 1/2)? thanks
I think divided into is the opposite of divided by. 2 divided into 3 = 1.5 2 divided by 3 = .6667 Seems to fit the context anyway. Then again 4 divided into 2 Pieces of 2 each
