The premiums payable under a deferred annuity contract issued to women aged exactly 60 are limited to 5 years. The annuity commences at age 65, provided the policyholder is still alive at that age. The annuity provides payments of 3,500 payable annually in advance for 5 years certain (ie it continues to be paid for 5 years even if the annuitant dies before age 69) and for life thereafter. There is no benefit if the policyholder dies before age 65. Calculate the annual premium. Basis: PFA92C20 mortality, 4% pa interest, no expenses. The premiums payable under a deferred annuity contract issued to women aged exactly 60 are limited to 5 years. The annuity commences at age 65, provided the policyholder is still alive at that age. The annuity provides payments of 3,500 payable annually in advance for 5 years certain (ie it continues to be paid for 5 years even if the annuitant dies before age 69) and for life thereafter. There is no benefit if the policyholder dies before age 65. Calculate the annual premium. Basis: PFA92C20 mortality, 4% pa interest, no expenses