Answer questions 4 and 5 based on the following information. Joseph, who just had his 55th birthday, has the following probability of death in each year: Probability of death 0.015 Age 55-56 56-57 57-58 0.016 0.017 58-59 59-60 0.018 0.019 60+ 0.025 Given an annual interest rate of 5%, calculate the premium of a three-year endowment policy with a face amount equal to $1,000,000 for Joseph. Select one: a. $42,814 O b. $863,838 O c. $865,846 O d. $1,000,000 O e. None of the above Suppose that Joseph just reached age 60 and wanted to purchase a life immediate annuity that pays him $120,000 each year, starting from his 61st birthday until his death. Given an annual interest rate of 5%, what amount should he pay now to purchase the annuity? Select one: a. $120,000 O b. $1,200,000 O c. $1,560,000 O d. $1,680,000 O e. None of the above