A whole life insurance policy issued to a life aged exactly 30 has an increasing sum insured. In the t(th) policy year, t=1,2,3,..., the sum insured is $100 000 (1.03^(t-1)). Using the Standard Ultimate Survival Model, with interest at 5% per year, calculate the EPV of this benefit

Exercise 4.4 A whole life insurance policy issued to a life aged exactly 30 has an increasing sum insured. In the tth policy year, t = 1,2,3,..., the sum insured is $100000 (1.03-1). Using the Standard Ultimate Survival Model, with interest at 5% per year, calculate the EPV of this benefit. Exercise 4.4 A whole life insurance policy issued to a life aged exactly 30 has an increasing sum insured. In the tth policy year, t = 1,2,3,..., the sum insured is $100000 (1.03-1). Using the Standard Ultimate Survival Model, with interest at 5% per year, calculate the EPV of this benefit