Joseph, who just had his 55th birthday, has the following probability of death in each year: Age Probability of death 55-56 56-57 57-58 58-59 59-60 0.025 0.026 0.027 0.028 0.029 0.025 60+ Given an annual interest rate of 5%, calculate the premium of a three-year endowment policy with a face amount equal to $500,000 for Joseph. Suppose that Joseph just reached age 60 and wanted to purchase a life immediate annuity that pays him $480,000 each year, starting from his 61st birthday until his death. Given an annual interest rate of 5%, what amount should he pay now to purchase the annuity?