A 10-year 1,000,000 fully discrete term insurance policy is issued to (70). Policy expenses are as follows First Year Renewal Years Per cent of premium 50% 10% Per Policy Expense 5000 500 Mortality follows the Illustrative Table at 6% interest. (a) (3 points) Calculate the gross annual premium based on the equivalence principle (b) (2 points) Suppose that the policy is modified so that if the policyholder survives, the insurer refunds, at age 80, one-half of all premiums received, without interest. Calculate the gross annual premium based on the equivalence principle.