(25 points) Azula, aged 45, purchases a 10-year term insurance with sum insured 50,000 payable immediately on death. The monthly gross premium she is to pay, P, has the following basis: Survival Model: Standard Select Life Table Interest Rate: 5% annual effective Initial Expenses: 500 plus 11% of the first premium Renewal Expenses: 6% of each subsequent premium Calculate P based on the equivalence principle, using Woolhouse's Formula if necessary. (25 points) Azula, aged 45, purchases a 10-year term insurance with sum insured 50,000 payable immediately on death. The monthly gross premium she is to pay, P, has the following basis: Survival Model: Standard Select Life Table Interest Rate: 5% annual effective Initial Expenses: 500 plus 11% of the first premium Renewal Expenses: 6% of each subsequent premium Calculate P based on the equivalence principle, using Woolhouse's Formula if necessary