Use Table 3.1 to calculate the minimum premium an insurance company should charge for a $1 million two‐year term life insurance policy issued to a woman age 50. Assume that the premium is paid at the beginning of each year and that the interest rate is zero. 

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Table 3.1 Mortality Table from 2019 Data Male Age (Years) 0 1 2 3 30 31 32 33 40 41 42 43 50 51 52 53 60 61 62 63 70 71 72 73 80 81 82 83 Probability of Death within 1 Year Survival Life Probability Expectancy 0.006081 1.00000 76.23 0.000425 0.99392 75.69 0.000260 0.99350 0.000194 0.99324 0.001798 0.97371 0.001860 0.97196 0.001926 0.97015 0.001994 0.96828 0.002581 0.002697 0.002828 0.002976 0.95324 0.95078 0.94821 0.94553 .... *** 0.004888 0.92168 0.005319 0.91718 0.005808 0.91230 0.006360 0.90700 0.85506 0.84527 0.011447 0.012352 0.013248 0.83483 0.014117 0.82377 0.022364 0.72924 0.024169 0.71293 0.026249 0.69570 0.028642 0.67744 0.056205 0.51307 0.062327 0.48423 0.069190 0.45405 0.076844 0.42264 74.73 73-75 47.83 46.92 46.00 45.09 38.75 37.84 36.95 36.05 29.88 29.03 28.18 27.34 21.77 21.02 20.28 19.54 14.60 13.92 13.25 12.59 8.43 7.91 7.40 6.91 Probability of Death within 1 Year 0.005046 0.000349 0.99495 0.000212 0.99461 0.000166 0.99440 0.001423 0.001502 0.001596 0.001709 0.000811 0.98594 0.000872 0.98514 0.000933 0.98428 0.000990 0.98336 *** 0.002980 0.003240 0.003529 0.003852 Female Survival Life Probability Expectancy 1.00000 81.28 80.69 *** 0.041102 0.046080 0.97532 0.97394 0.97247 0.97092 0.006880 0.91396 0.007454 0.90767 0.008006 0.008515 0.95617 0.95332 0.95023 0.94688 0.014662 0.82955 0.016210 0.81739 0.017892 0.80414 0.019701 0.78975 0.90091 0.89370 0.64992 0.62321 0.051658 0.59449 0.057868 0.56378 79.72 78.74 *** 52.26 51.30 50.34 49.39 *** 42.76 41.83 40.89 39.95 *** 33-51 32.61 31.71 30.82 *** 24.80 23.96 23.14 22.32 16.76 16.00 15.26 14.52 9.83 9.23 8.65 8.09