3. For a fully discrete 3-year term insurance of 5,000 on (x): The level annual gross premium is calculated using the equivalence principle. Gar+= 0.12 + 0.01k for k = 0, 1, 2. There is a per policy expense of 20 at the beginning of the first year, and 10 at the beginning of each renewal year. There is a percent of premium expense of 35% of the gross premium at the beginning of the first year, and 5% of the gross premium at the beginning of each renewal year. i = 0.05 Calculate the difference between the gross premium reserve and the net premium reserve at the end of policy year 1. 3. For a fully discrete 3-year term insurance of 5,000 on (x): The level annual gross premium is calculated using the equivalence principle. Gar+= 0.12 + 0.01k for k = 0, 1, 2. There is a per policy expense of 20 at the beginning of the first year, and 10 at the beginning of each renewal year. There is a percent of premium expense of 35% of the gross premium at the beginning of the first year, and 5% of the gross premium at the beginning of each renewal year. i = 0.05 Calculate the difference between the gross premium reserve and the net premium reserve at the end of policy year 1