3. Calculate the prospective and retrospective gross premium reserve at time t = 2 for a 5- year single premium endowment assurance with sum assured 30,000 payable on maturity or at the end of year of earlier death, issued to a 48-year old. Expenses were 360 (initial), 45 (renewal from Year 2 onward). Assume ultimate mortality and 6% pa interest for premiums and reserves. [17 marks]