Consider the following life contingency product: - The policyholder pays premium P at the beginning of the policy. - If they pass away within the next 4 years, the insurance company will refund half of the premium without interest at the end of the year of death. - If the policy holder survives for 4 years, they will receive 40000 Euro after 4 years. Calculate P with the actuarial fairness principle, with 3% discount rate (10 pts). Each year, the policy holder has a 5% chances of dying and the chance of dying is independent between years