2. You are required to calculate the expected present values of the following insurance benefits, using effective rates of interest of 2% per annum and 5% per annum A term assurance for a person now age 50. with sum insured 1,000,000 payable An increasing term assurance for a person now age 50, with sum insured . A whole of life assurance for a person now age 50, with sum insured 50,000 An increasing whole of life assurance for a person now age 50, with sum insured immediately on death, if death occurs not later than age 70. 70, 000t payable immediately on death at age 50 + t, if t