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4. [6 marks] For a special type of whole life insurance issued to (40), you are given the following information: Death benefits are $1,000 for

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4. [6 marks] For a special type of whole life insurance issued to (40), you are given the following information: Death benefits are $1,000 for the first 10 years, and $10,000 every year thereafter Death benefits are paid at the end of the year of death Mortality follows the Illustrative Life Table with i = 6% . Calculate the expected present value (EPV) of the benefits

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