Assume you are assisting an actuary in determining life insurance premiums. Use the information in the tables below to answer the questions. Show all workings. Present Value of $1 at 2.3% Requred: a) Calculate the net single premium for a five-year term insurance policy in the amount of $1000 issued to a male at age 22 . The interest rate is 2.3%. (10 marks) b) Compute the net level premium for the scenario in part (a). The interest rate is 2.3%. (7 marks) c) Identify and describe the reasons why an insured would decide to purchase terth life insurance rather than a whole life policy