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A 30-year-old person wants to purchase a life insurance policy with a sum assured of $500,000. The insurer charges a premium of $800 per annum,

A 30-year-old person wants to purchase a life insurance policy with a sum assured of $500,000. The insurer charges a premium of $800 per annum, payable at the end of each year. The policyholder is expected to live for another 50 years. Calculate the expected value of the policy for the insurer, assuming a 4% annual interest rate.

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