4. (35 points) A fully discrete 3-year term insurance policy was issued to a person (x). The death benefit is $0 for the first year; $6000 for the second year; $5000 for the third year. The interest rate is i = 6% and the mortality rates are given by: qu = 0.2, x+1 = 0.1, Qc+2 = 0.097, (x+3 = 0.092 (a) (15 points) Find the actuarial present value of this contract. (b) (10 points) Find the level annual benefit premium for this contract. (c) (10 points) Find the V, the benefit reserve at the end of year 1. 4. (35 points) A fully discrete 3-year term insurance policy was issued to a person (x). The death benefit is $0 for the first year; $6000 for the second year; $5000 for the third year. The interest rate is i = 6% and the mortality rates are given by: qu = 0.2, x+1 = 0.1, Qc+2 = 0.097, (x+3 = 0.092 (a) (15 points) Find the actuarial present value of this contract. (b) (10 points) Find the level annual benefit premium for this contract. (c) (10 points) Find the V, the benefit reserve at the end of year 1