For the following questions, you should use the following Life Table and 5% p.a. interest. You may assume that all deaths are independent events.

Age x	lx
70	150
71	140
72	125
73	105
74	80
75	50
76	40
77	30
78	20
79	10
80	0

Susan and Beth are sisters. Susan is age 72 and Beth is age 74.

They have purchased a joint life annuity which will pay $30,000 at the end of each year, as long as BOTH of the sisters are alive at the date of payment.

That is, payments may occur at t = 1,2,3... as long as both women are alive at the payment date.

What is the present value of the expected payments?