You purchase an ILAS plan with projected total death benefit of $8,600,000 and projected total cash value of $380,000 after 15 years. Suppose you paid the first premium of $8,000 at the beginning of the plan and pay the monthly premium of $8,000 at the end of each month afterwards. You want to see if the ILAS can be replaced by a combination of a 15-year term life insurance (in Question 2 is $6500) + a 15-years term savings plan. Find the required annual interest rate of a savings plan so that the ILAS is same as the combination of the 2 products after 15 years.

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