Andrew, currently aged 35 , wants to buy a ten-year term life insurance policy to cover the expenses of his family if he were to die. The main expenses he is concerned about are the mortgage on the family home and the cost of his funeral. He currently owes $500,000 on his mortgage and intends to make repayments that will reduce the balance by $50,000 at the end of each year (i.e. outstanding balance is $450,000 at the end of year 1,$400,000 at the end of year 2). He also believes his funeral will cost $30,000 in today's dollars and will increase with indexation of 1.9231% per annum. The benefits under the policy will be payable at the end of the year of death and will be equal to the mortgage outstanding at the end of the year plus the expected funeral costs. Basis: AM92 Select mortality at 6% p.a. Expenses: 70% of initial premium and 2% of each subsequent annual premium. Premiums are payable annually in advance. Calculate the gross annual premium payable under this policy