Question: 3. Using the 1980 CSO Mortality Table, calculate the following net single premiums (NSPs). Assume $1,000 of life insurance, 5% interest, and death claims paid

3. Using the 1980 CSO Mortality Table, calculate the following net single premiums (NSPs). Assume $1,000 of life insurance, 5% interest, and death claims paid at the end of each year for multiple-year policies.

a. What is the NSP for a one-year term policy sold to a man age 35? (1 point)

b. What is the NSP for a three-year term policy sold to a man age 40? (1.5 pts)

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