(a) What is the probability that Peter will pass away between age 60 and 80? (5 points) (b) Suppose Peter who has just turned 20 today purchases a whole-life insurance policy with death benefit $500,000. Determine the annual level-premiums with the first premium due today at age 20. (round to the nearest figure). (5 points) (c) If Peter decides to surrender his policy at age 60, how much will he be able to receive from his insurance policy? (5 points) IQuestion 3: Life Insurance (15 points) Consider the following life table that Peter of age 20 belongs to. Age Number of Persons Alive 20 20,000 40 16,000 60 10,000 80 2,000 100 Assumption a. The death benefit is $500,000. b. The interest rate for every 20-year period is 20%. c. The death benefit is paid at the end of period of death. d. Insurance premiums are paid every 20 years until death occurs. They are paid at the beginning of each 20-year period. I