Jeff, $(80),$ who is healthy, wants to purchase a critical illness insurance policy. The insurer uses the following model to value the benefits:

The insurance pays the following benefits:

$50,000$ at the year end if Jeff is critically ill at that time, having been healthy at the start of the year.

$50,000$ at the year end if Jeff dies during the year, having been critically ill at the start of the year.

$100,000$ at the year end if Jeff dies during the year, having been healthy at the start of the year.

You are given:

$1.p_{80}^{00}=p_{81}^{00}=0\mathrm{.}90$&$p_{80}^{01}=p_{81}^{01}=0\mathrm{.}04$

$2.p_{81}^{12}=1\mathrm{.}00$

$3.i=0\mathrm{.}05$

Calculate the expected present value of the benefits payable during the first two years.