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(1 pt) Assume the Standard Select Survival Model and an efffective annual interest rate of i = 0.05. A whole life insurance policy purchased by

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(1 pt) Assume the Standard Select Survival Model and an efffective annual interest rate of i = 0.05. A whole life insurance policy purchased by [60] offers a death benefit of $87500 payable at the end of the year of death. The policy also requires annual premiums of $P. The policy has an initial expense of $15312.5 along commissions of 65% of the first premium and 2.25% of all subsequent premiums. Use the equivalence principle to find the amount of the annual (gross) premium P. P= Note: Round your answers to two decimal places. (1 pt) Assume the Standard Select Survival Model and an efffective annual interest rate of i = 0.05. A whole life insurance policy purchased by [60] offers a death benefit of $87500 payable at the end of the year of death. The policy also requires annual premiums of $P. The policy has an initial expense of $15312.5 along commissions of 65% of the first premium and 2.25% of all subsequent premiums. Use the equivalence principle to find the amount of the annual (gross) premium P. P= Note: Round your answers to two decimal places

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