6. Policy: Whole life insurance with a death benefit of $20,000 payable at the end of the year of death, issued to (50) Mortality and Interest: Illustrative Life Table with i = 6%. Premiums: Premiums of P. payable annually for the first 10 years, then 0.5P payable annually thereafter, calculated under the equivalence principle. Expenses: Initial expenses of $400. Ongoing expenses are 5% of the gross premium from year 2 onward (not the first year). a. Determine the net annual premium. (4 marks) b. Determine the gross annual premium. (3 marks) c. What percentage of the gross annual premium is accounting for expenses? (2 marks) 6. Policy: Whole life insurance with a death benefit of $20,000 payable at the end of the year of death, issued to (50) Mortality and Interest: Illustrative Life Table with i = 6%. Premiums: Premiums of P. payable annually for the first 10 years, then 0.5P payable annually thereafter, calculated under the equivalence principle. Expenses: Initial expenses of $400. Ongoing expenses are 5% of the gross premium from year 2 onward (not the first year). a. Determine the net annual premium. (4 marks) b. Determine the gross annual premium. (3 marks) c. What percentage of the gross annual premium is accounting for expenses? (2 marks)