Calculate the minimum premium for whole life insurance policy of one million yen, following the instructions, using the following assumptions:

Discount rate of 3%

Nobody will live to 106

No business expenses/profits for insurer

Age	Death rate
20	0.00020
21	0.00021
22	0.00022
23	0.00022
24	0.00022
25	0.00022
26	0.00023
27	0.00024
28	0.00025
29	0.00025
30	0.00027
31	0.00029
32	0.00031
33	0.00034
34	0.00037
35	0.00040
36	0.00042
37	0.00044
38	0.00047
39	0.00051
40	0.00057
41	0.00062
42	0.00068
43	0.00074
44	0.00081
45	0.00089
46	0.00099
47	0.00110
48	0.00121
49	0.00133
50	0.00243
51	0.00269
52	0.00298
53	0.00327
54	0.00359
55	0.00395
56	0.00434
57	0.00478
58	0.00530
59	0.00585
60	0.00644
61	0.00709
62	0.00777
63	0.00852
64	0.00936
65	0.01030
66	0.01138
67	0.01259
68	0.01395
69	0.01546
70	0.01694
71	0.01844
72	0.02010
73	0.02204
74	0.02432
75	0.02684
76	0.02953
77	0.03229
78	0.03562
79	0.03984
80	0.04493
81	0.05072
82	0.05711
83	0.06419
84	0.07230
85	0.08179
86	0.09269
87	0.10497
88	0.11835
89	0.13221
90	0.14537
91	0.16073
92	0.17747
93	0.19568
94	0.21544
95	0.23682
96	0.25989
97	0.28471
98	0.31130
99	0.33969
100	0.36985
101	0.40176
102	0.43531
103	0.47038
104	0.50680
105	1.00000

3. The next step is to calculate the discount factor for each age, and work out the present values of premium at each age. For example, the discount factor is (two decimal points) at age 60, and the present value of the premium at that age is yen (no 1,000 separators in the box please),

4. The final step is to factor in the survival rate. For example, since only people will be surviving at age 105, the present value of premium that need to be prepaid at the beginning is yen, which far smaller than the premium calculated in the second step. (no 1,000 separators in the boxes please)

5. The (minimum) premium for a whole life insurance policy would thus be yen. (no 1,000 separators in the box please)