Question: act sci show all steps tq Consider a fully discrete 25 -year special insurance issued to (55). You are given: (i) bk=1000(k10) for k=0,1,2,,24. (ii)

act sci show all steps tq
act sci show all steps tq Consider a fully
Consider a fully discrete 25 -year special insurance issued to (55). You are given: (i) bk=1000(k10) for k=0,1,2,,24. (ii) Mortality follows the Standard Ultimate Life Table. (iii) Initial expense is 8 , while renewal expenses are 5 per year. (iv) Commissions are 8% of the gross premium for the first year, and 5% for the next 9 years. There is no commission for the remaining 15 years. (v) The valuation interest rate is 5%. (vi) The premium for valuation is 238.0. Calculate the gross premium reserve at the end of the 9th year

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