A 20-year deferred whole life annuity due that pays $2,500 per month is sold to (40). Premiums of $9,842 are paid at the beginning of each year during the deferral period. Policy Value Basis: 6% interest rate Standard ultimate survival model Initial expenses: 50% of first premium plus $500 Renewal expenses: 5% of subsequent premiums Termination expenses: $500 (paid at the end of year of death) Given: 1. A policy value of $122,358.48 after 10 years (10V) 2. A mortality rate of 0.00121 for age 50 (950) Find the policy value after 11 years (11 V). 11 V: For this problem, you should consider all activity over the year from time 10 to time 11. After all activity and at the end of the year what does the number represent?