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com jou 111,1). Question 2 (15 Points). A net single premium of $1,000,000 is used to purchase the following benefits to 3 children with ages 10, 12, and 15 (all three are boys): 1. To each child, a lump sum will be paid at the age of 25, if alive. The same amount is paid to each child. 2. To each child, a four year temporary annuity will be paid with payments equal to 6% of the amount paid as a lump sum described above in part (1). The first payment will take place on the day the child reaches age 21. The last annuity is made on the child's 24th birthday. Assume an interest rate of 7%. What is the amount of the annuity payment and the lump sum paid at age 25? Use the 2001 CSO mortality table (file: 12_a_CSO_2001.xlsx) to answer this question. com jou 111,1). Question 2 (15 Points). A net single premium of $1,000,000 is used to purchase the following benefits to 3 children with ages 10, 12, and 15 (all three are boys): 1. To each child, a lump sum will be paid at the age of 25, if alive. The same amount is paid to each child. 2. To each child, a four year temporary annuity will be paid with payments equal to 6% of the amount paid as a lump sum described above in part (1). The first payment will take place on the day the child reaches age 21. The last annuity is made on the child's 24th birthday. Assume an interest rate of 7%. What is the amount of the annuity payment and the lump sum paid at age 25? Use the 2001 CSO mortality table (file: 12_a_CSO_2001.xlsx) to answer this