Calculate the life insurance gross premium for an insurance company, XYZ Life, under the following assumptions. Please round your answer to the nearest cent. - 1-year term insurance for a 30-year-old male - The death benefit is $1,000 - The probability of death within one year given a male is 30 years old (q30) is 0.018 - The interest rate is 0.02 - All deaths occur uniformly, hence for simplicity, price the product assuming all deaths happen at the middle of the year - XYZ Life is looking for a 30% loading based on the pure premium (i.e. PV of expected loss) (Hint: When loading P, expressed as a percentage, is based on pure premium, Gross premium = Pure premium [1+P])