Brenda, aged 38, purchases a 20,000 life annuity with the first payment in 10 years. (a) Find

Question:

Brenda, aged 38, purchases a 20,000 life annuity with the first payment in 10 years.

(a) Find Brenda's net single premium in terms of commutation functions.

(b) Find Brenda's net single premium in terms of commutation functions, if payments 15 through 24 inclusive are to be omitted.

(c) Find Brenda's net single premium in terms of commutation functions if the first 5 payments are guaranteed to Brenda or her estate, but all subsequent payments are contingent upon survival.

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