For a whole life insurance issued to (50), you are given: Benefit of $250,000 is payable at the end of the month of death. Annual gross premium of $4,500 is payable at the beginning of first 20 years up to age 70. Initial expenses at issue are $1,000 per policy, and 40% of the first premium. Renewal expenses are $100 per policy per year and 5% of the annual premium, both at the beginning of subsequent years. Claim expenses are $1 per $1,000 death benefit payable at the end of the month of death. Mortality follows Exam LTAM Table, i = 0.05, and deaths are uniformly distributed between integer ages. As an actuary responsible calculating policy values, you are interested in net premium reserve, full preliminary (FPT) reserve, and expense reserve for this policy. Answer the following questions: (a) (1 pt) Without calculations, state which of net premium reserve and FPT reserve at the end of 10th policy year has a smaller value and why. (b) (2 pts) Calculate the FPT reserve at the end of 10th policy year (round to the nearest 0.01). (c) (2 pts) Calculate the expense reserve at the end of the 10th policy year (round to the nearest 0.01)