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Answer the following question A life insurance company issues 1,000 last survivor annuities of $5,000 pa payable continuously to pairs of lives aged 60. Each

Answer the following question
A life insurance company issues 1,000 last survivor annuities of $5,000 pa payable continuously to pairs of lives aged 60. Each pair comprises one male and one female. The single premium charged is $80,000. Calculate the expected present value of the profit to the life office and the standard deviation of the profit. Basis: PA92C20, 4% pa interest. (You are given that A 60:60 = 0.20021 at 8.16%.) [9]

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