b. Calculate the (gross premium) policy values at durations 3.75.(I ONLY need help with 1b)

1. (15 points) A life aged 50 purchased a whole life insurance with sum insured $300 000 payable at the end of the month of death. Level quarterly premiums, each of amount P =$880, are payable for the term of the contract. The insurance company use the following basis for all calculation. Mortality model: the standard select survival model. Interest rate: 5% year effective Expenses: 10% of the each gross premium and $120 when death claim is paid. a. Calculate the actuarial notation A3235 1. (15 points) A life aged 50 purchased a whole life insurance with sum insured $300 000 payable at the end of the month of death. Level quarterly premiums, each of amount P =$880, are payable for the term of the contract. The insurance company use the following basis for all calculation. Mortality model: the standard select survival model. Interest rate: 5% year effective Expenses: 10% of the each gross premium and $120 when death claim is paid. a. Calculate the actuarial notation A3235