Question: 2. Now you have a method to evaluate the EPV of a reversionary annuity where the mortality of the surviving life changes following the end

2. Now you have a method to evaluate the EPV of a reversionary annuity where the mortality of the surviving life changes following the end of the year of death of the first life. (a) Write down a formula for axy in terms of joint life annuities and reversionary annuities that could be used to calculate the EPV of a last survivor whole life annuity where the mortality of the surviving life changes following the end of the year of death of the first life. [ 3 marks] (b) Ignoring any reversionary annuity terms (as we know we can handle the mortality change there), very briefly explain why your answer to part (a) is a workable formula

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