An endowment insurance policy is issued on a life aged 39.5 in the middle of a year. The policy has a term of 20.5 years including an initial waiting period of half a year during which no benefit will be paid. After the waiting period, death benefit is payable at the end of the year on death. The size of the death benefit is five times that of the survival benefit of $100,000. The interest rate is assumed to be 4% per annum for the first 10.5 years. After that, the interest rate is expected to increase to 8.16% per annum for the rest of the policy term. Find the expected present value of this policy. Assume that the mortality rates follow the AAM19 life table and uniform distribution of deaths for approximation between fractional (non-integer) ages. An endowment insurance policy is issued on a life aged 39.5 in the middle of a year. The policy has a term of 20.5 years including an initial waiting period of half a year during which no benefit will be paid. After the waiting period, death benefit is payable at the end of the year on death. The size of the death benefit is five times that of the survival benefit of $100,000. The interest rate is assumed to be 4% per annum for the first 10.5 years. After that, the interest rate is expected to increase to 8.16% per annum for the rest of the policy term. Find the expected present value of this policy. Assume that the mortality rates follow the AAM19 life table and uniform distribution of deaths for approximation between fractional (non-integer) ages