Problem 1. (5 marks) 1. For a special fully discrete whole life insurance on (40) you are given: (i) The benefit is 12000 if death occurs before age 55 and 6000 if death occurs afterwards. (ii) Expenses are Per premium Per policy First year 80% 120 Renewal 4% 10 (iii) Mortality follows the Illustrative Life Table and i = 0.06. (a) Calculate the level gross premium. (b) Calculate the reserve at the end of the year 15