Q3. Richard, 50 years old, buys a special whole life insurance that will pay at the end of the year of death the following benefits: . 500 euro if death occurs in the first five years . 100 euro if death occurs afterwards. Given are: . constant, yearly premiums are payable at the beginning of each year, during the first 5 years . mortality follows the Illustrative Life Table * = 6%. 1 Calculate the reserve on Richard's contract at the end of the first year. Q3. Richard, 50 years old, buys a special whole life insurance that will pay at the end of the year of death the following benefits: . 500 euro if death occurs in the first five years . 100 euro if death occurs afterwards. Given are: . constant, yearly premiums are payable at the beginning of each year, during the first 5 years . mortality follows the Illustrative Life Table * = 6%. 1 Calculate the reserve on Richard's contract at the end of the first year