For a universal life policy, you are given: The account value on 1 January 2012 is $100,000. The policyholder pays a premium of $3000 on 1 January 2012. No more premium is paid in the same year. The expense charge is $100+ 2% of the premium. The costs of insurance deducted from the premium is $980. The credited interest rate for year 2012 is 5% per annum effective. Assume the policy is still in force on 31 December 2012. Calculate the account value on 31 December 2012