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QUESTION 1 For a 3-year fully discrete term insurance of b on (40) subject to a double decrement model: (i) 40 2000 20 60 41

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QUESTION 1 For a 3-year fully discrete term insurance of b on (40) subject to a double decrement model: (i) 40 2000 20 60 41 30 50 42 40 (ii) Decrement (1 ) is death. Decrement (2) is withdrawal. (iii) There are no withdrawal benefits. Calculate the level annual net premium P for this insurance given the following paramaters b=28000, 1=0.077

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