(b) (3 points} Using the mortality tables that we discussed in class (see the last page of Note #3), calculate the annual premium that he has to pay under a Ell-year term-life policy. Note that the premium will be constant from year to year during the Ell-year term. (c) (3 points} Suppose that instead of getting a Elli-year term policy, Peter wants to get a l-year policy (with the same amount of coverage as in (a]}, and Ill years from now {i.e., when he nuns 55) he will renew it for another ll years (with the same amount of coverage). The insurance company will allow him to renew his policy without a medical test. Assume that the interest rate, the ination rate and the mortality probability remain the same throughout the next 20 years. What are the total premiums (Pv'ed hack to today} that he has to pay under this alternative