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The Endeavour insurance company issues life annuities. It prices its annuities using the following probabilities. Survival probabilities Year Probability of surviving from start of year to end of year 1 0.88 2 0.7 3 0.54 4 0 The annuities pay $60 000 at the end of each year while the policyholder is alive. Endeavour insurance believes it can earn 4% p.a. interest on investments. It also has to provide for initial expenses of $50 at the date of issue. (b) What is a new policyholder's probability of dying in Year 3? O a. 0.3840 O b. 0.6160 O c. 0.2640 d. 0.2834