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QUESTION 3 (13 marks) The annual force of interest, 5(), is a function of time. At any time r, measured in years, it is given

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QUESTION 3 (13 marks) The annual force of interest, 5(), is a function of time. At any time r, measured in years, it is given by the formula 6t) = 0.04 +0.02e 00 0.04 0S1 20 r2 20 (a) [5 marks] Derive and simplify as far as possible expressions for the present value at time 0 of $1 due at time t. We require two different expressions, one for 0 st

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