1. You are given the following excerpt of a base mortality table and a two-factor mortality improvement scales. Age 60 61 q(3,0) 4(3,1) 4(2, 2) +(2,3)+(2,4) 0.002829 0.0111 0.0088 0.0069 0.0057 0.003125 0.0138 0.0116 0.0095 0.0083 0.003455 0.0164 0.0144 0.0123 0.0108 0.003837 0.0193 0.0169 0.0141 0.0110 62 63 (a) (2 points) Without applying the mortality improvement scale, calculate 3961. (b) (3 points) By applying the mortality improvement scale, calculate 219(60,1). (c) (5 points) A policyholder, whose current age is 60 at the base year 0, makes a 3-year term life insurance. The death benefit is payable at the end of the year with the amount $10,000. In addition, the effective annual interest rate is 5%. By making use of the mortality improvement scales, calculate the actuarial present value on this life insurance benefit. 1. You are given the following excerpt of a base mortality table and a two-factor mortality improvement scales. Age 60 61 q(3,0) 4(3,1) 4(2, 2) +(2,3)+(2,4) 0.002829 0.0111 0.0088 0.0069 0.0057 0.003125 0.0138 0.0116 0.0095 0.0083 0.003455 0.0164 0.0144 0.0123 0.0108 0.003837 0.0193 0.0169 0.0141 0.0110 62 63 (a) (2 points) Without applying the mortality improvement scale, calculate 3961. (b) (3 points) By applying the mortality improvement scale, calculate 219(60,1). (c) (5 points) A policyholder, whose current age is 60 at the base year 0, makes a 3-year term life insurance. The death benefit is payable at the end of the year with the amount $10,000. In addition, the effective annual interest rate is 5%. By making use of the mortality improvement scales, calculate the actuarial present value on this life insurance benefit