Smith is age 50 and Brown is age 51. A life annuity of 100 per year is payable to Smith. The net single premium for this annuity is equal to the net single premium for an annuity of K per year payable as long as either Smith or Brown is alive.

Annuity payments are made at the end of each year. A life table following Gompertz' law tells us that aso = 16.08, as] = 15.72, as9 = 12.76, and a^o = 12.39. A table of uniform seniority is as follows:

Difference in Ages Addition to Older Age 9.12 1 8.63 2 8.16 3 7.71 4 7.27 5 6.86 Find K.