Question 2 (7 Marks) a. Briefly describe a 'limited payment' life insurance policy. b. Suppose that you are 36 years old and have a $1,600,000 face amount, 24year, limited-payment life insurance policy. The annual premium payable is $19,200. The cash value of the policy is expected to be $450,000 in 24 years. Given that you could invest your money elsewhere for a market interest rate at 8% per annum. Using time value of money analysis, calculate your net cost of insurance. Show all your calculations