Calculate the minimum premium an insurance company should charge for a $5 million three year trm life insurance contract issued to a man aged 60. Assume that the premium is paid at the beginning of each year and death always takes place halfway through a year. the risk-free interest rate is 6% per annum (whith semiannual compounding).

Age	Prob of death within year 1	Survival Prob
60	.011046	.85673
61	.011835	.84726
62	.012728	.83724
63	.013743	.82658