Douglas is hired by XYZ Publishing Company at age 50, and will retire when he turns 65. On his 62"^ birthday he becomes eligible for a death benefit paying 1000 for each year of service with XYZ.

The benefit will terminate when he retires. Find the present value of this policy on his 62"^^ birthday, given M(,2 = 800, ^53 = 765, M64 = 728, Mes = 690, Nei = 22,000, A^63 = 19,800, Ne4 = 17,700 and 7V65 == 15,700.