1. You are given
   1. An individual age 75 buys a 4 year endowment insurance.
   2. The insured will receive $500 at the end of year of death if they die during the term, or $1200 if they survive the term.
   3. q_x = 0.05 for all t,x
   4. Level annual premiums of P are paid at the beginning of each year, for the first two years, while the insured is alive
   5. i = 3%

Calculate the annual premium P.