An insurer issues whole life insurance policies to select lives aged 50. The sum insured of $100,000 is paid at the end of the year of death and level annually premiums are payable throughout the term of the policy. Initial expenses, in- curred at the issue of the policy, are 15% of the total of the first year's premium. Renewal expenses are 4% of every premium, including those in the first year. Assume the Standard Select and Ultimate Survival Model with interest at 5% per year. Calculate the annually premium using the portfolio percentile princi- ple, such that the probability that the future loss on the portfolio is negative is 95%. Assume a portfolio of 10,000 identical, independent policies, An insurer issues whole life insurance policies to select lives aged 50. The sum insured of $100,000 is paid at the end of the year of death and level annually premiums are payable throughout the term of the policy. Initial expenses, in- curred at the issue of the policy, are 15% of the total of the first year's premium. Renewal expenses are 4% of every premium, including those in the first year. Assume the Standard Select and Ultimate Survival Model with interest at 5% per year. Calculate the annually premium using the portfolio percentile princi- ple, such that the probability that the future loss on the portfolio is negative is 95%. Assume a portfolio of 10,000 identical, independent policies