A life insurance office offers a 10year term assurance policy to a life aged 55 exact. The sum assured is payable immediately on death and is given by 50; 000 (1 + 0:1t) t = 0; 1; 2; ; 9 where t denotes the curtate duration since the inception of the policy. Level premiums are payable monthly in advance on until earlier death. Calculate the monthly premium of this policy using the following basis: Mortality: AM92 Select Interest: 4% per annum Expenses: Nil 3