An insurance company issues a special policy to (65) with the following benefits:

12. (10 points) An insurance company issues a special policy to (65) with the following benets: (i) A death benet of 100,000, payable at the end of year of death, provided death occurs before age 85. (ii) A whole life annuity-due of 45,000 per year starting on the policyholder's 85th birthday. You are also given: 0 Annual level premiums of P are payable for 20 years. a Premiums are determined using the equivalence principle. 0 Mortality follows the Standard Ultimate Life Table. 0 i = 0.05. Calculate P. A. 7670 B. 7870 C. 8070 D. 8270 E. 8470