Question: Duta for Question 3 (3 points) Smith is age 50; Jones is age 60. Smith is to receive a continuous life annuity at the rate

Duta for Question 3 (3 points) Smith is age 50; Jones

Duta for Question 3 (3 points) Smith is age 50; Jones is age 60. Smith is to receive a continuous life annuity at the rate of 1 per year under the following conditions: (1) Smith receives payments before age 60 only if Jones is dead. (2) Smith receives payments after age 60 only if Jones is alive. Selected values: us=9.0usen=6.0us=7.0umin=5.0amos=5.0amann=3.0 X= the single benefit premium for this annuity. Question 3 In what range is X ? (A) Less than 5.5 (B) 5.5 but less than 6.5 (C) 6.5 but less than 7.5 (D) 7.5 but less than 8.5 (E) 8.5 or more

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