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])