A select life aged 60 purchases 10-year endowment insurance with a $100,000 sum insured. Premiums are payable annually in advance and death benefits are payable at the end of the year of death. Assume that 

(i) commission is 10% of the first premium and 4% of each subsequent premium, 

(ii) other expenses are $50 at issue and $5 at each subsequent premium date, 

(iii) mortality follows the Standard Select Life Table, and 

(iv) interest is 5% per year. 

Calculate the annual premium.