An insurance company wants to offer a 3 year term insurance contract to a male aged 70. This contract pays $1M at the end of the year of death if death occurs during the first three years. Premiums are paid at the beginning of each year. Assume r=.02 (annual compounding), and that one year probabilities of death at age 70, 71 and 72 are 0.024, 0.026, 0.028. What is the minimum annual premium?