Use the following table to calculate the minimum premium an insurance company should charge for a USD 5 million three-year term life insurance contract issued to a man aged 60. Assume that the premium is paid at the beginning of each year and death always takes place halfway through a year. The risk-free interest rate is 6% per annum (with semiannual compounding). Age 60 61 62 Probability of death within one year 0.011407 0.012315 0.013289 Survival probability 0.85227 0.84254 0.83217 Life expectancy (years) 20.92 20.16 19.40