3. Use the following Table to calculate the minimum premium an insurance company should charge for a $5 million three-year term life insurance contract issued to a woman age 70. Assume that the premium is paid at the beginning of each year and death always takes place halfway through a year. The risk-free interest rate is 6% per annum (with semi-annual compounding). Age 70 71 72 73 Female Probability of Death within 1 Year 0.015728 0.017338 0.019108 0.021041 Survival Probability 0.82864 0.81561 0.80147 0.78616