(1) Is the GMWB fairly priced?

(2) Explain how the following assumptions impact cost:

a. fee rate: the portion of the account value the insurance company collects as a fee each year

b. guarantee withdrawal rate: the proportion of the benefit base allowed to be withdrawn each year

c. volatility: the annual return volatility

d. mortality multiplier: a rate that is applied to qx to scale up or down mortality

e. withdrawal age: the age the model assumes that policyholders both can and will start taking withdrawals

f. minimum withdrawal delay: the minimum amount of time that a policyholder both can and will wait to start taking withdrawals, regardless of their attained age

Support your answer with numerical results.