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A fully discrete whole life insurance of $100,000 is issued to a life aged (65). Premiums are paid annually in advance for at most 10 years. Interest is 5% per year. Initial expenses are 50% of the premium plus $125. Renewal expenses are 5% of the premiums from the 2nd premium onwards. Use Table D in your calculations.

1. Calculate the premium for this policy.

2. Write an expression for L5 and calculate its mean 5V.

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Financial Management, Finance

Category:- Financial Management
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