3. A life insurance company issues a special 2-payment whole life assurance to lives aged 60 exact. The death benefit is paid at the end of the year of death. Premiums of P are paid at the beginning of years 1 and 3 . If a life aged 60 dies in either year 1 or year 3 , the death benefit is 15,000+4P (partial refund of premium). Otherwise the death benefit is 15,000. Calculate P. Basis: Mortality: AM92 Ultimate Interest: 4% per annum