Suppose the expenses on an ordinary life policy are assumed to be as follows: 75% of Ist year premium, 20% of 2nd year premium, 10% of 3rd through 6th year premiums, and 5% of each year's premium thereafter. Other expenses amount to $10 at the beginning of the first year and $2 at the beginning of each subsequent year per $10,000 of insurance. Cost of settlement of claim is $5 per $10,000 of insurance. Assuming death benefits are paid at the end of the year of death, determine the annual premium G payable at the beginning of each year for a $100,000 whole life policy.G. ax = 100,000Ax + (0. 05Gax + 0. 05Ga x:6 + 0. 1Gax:2] + 0.55G) + (20ax + 80) + 50Ax G. ax = 100,050Ax + (20ax + 80) + (0.05Gax + 0.05Gax:6 + 0.1Gax:21 + 0.55G) G. ax - (0.05Gax + 0.05Gax:6] + 0.1Gax:2] + 0.55G) = 100,050Ax + (20ax + 80) G. (ax - 0.05ax - 0.05Gax:6] - 0.1ax:2] - 0.55) = 100,050Ax + (20ax + 80) 100,050Ax + (20ax + 80) G = (0.95ax - 0.05Ga, x: 6] - 0.1ax:2] - 0.55)75% 20% 10% 10% 10% 10% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 10% 10% 55% Calculate: Annual Gross Premium ii. Third and Sixth year gross premium reserves (APV (Benefit + Expenses) - APV G) By using following assumptions: a) Mortality follows deMoivres's law with w = 100 and i = 0.05 b) Mortality follows AM92 Ultimate with I = 5%