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At age 50, buy a 8-year temporary life annuity of $20,000 per annum to be paid at the end of each year for her retirement.

At age 50, buy a 8-year temporary life annuity of $20,000 per annum to be paid at the end of each year for her retirement. Find a net single premium, if the first payment is made at age 60. Assume that r (1) = 5%.

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