Exercise 3.7 An insurer is constructing a two-factor mortality improvement model. You are given the following information for the improvement factors applying at age x. The one-year improvement factor in years 2019 and 2020 for age x are both equal to 0.02. The long-term improvement factors apply from 2040, and are assumed to be 0% at all ages. Improvement factors for intermediate years are calculated using an age- based cubic spline. Calculate the improvement factor for age x in 2024.