3. [6 marks) Fred, 60 and Ginger, 57 have bought a 3 year joint life term policy with a face amount of $500,000. The effective rate of interest is 10%. Death benefits are paid at the end of the year of death and premiums are paid at the beginning of the year. Male rates are provided by qx and female rates are provided by qy. Lives are assumed to be independent. Calculate the premium that should be charged for this policy. qy 60 61 62 92 .0078 .0086 .0095 .0104 .0115 .0126 .0034 .0037 .0040 .0044 .0049 .0053 58 59 63 64 60 61 65