Question: For a fully discrete, 5 - payment 1 0 - year term insurance of 1 0 0 , 0 0 0 on ( 3 0

For a fully discrete, 5-payment 10-year term insurance of 100,000 on (30), you are given:
Mortality follows the Standard Ultimate Life Table.
i=0.05.
|)=4.5431
The following expenses are incurred at the beginning of each respective year:
\table[[Expenses,Year 1,Year 2-10],[\table[[Percent of],[premium]],\table[[Per],[Policy]],\table[[Percent of],[premium]],\table[[Per],[Policy]]],[Taxes,3%,0,3%,0],[Commissions,30%,0,15%,0],[Maintenance,0%,10,0%,4]]
Calculate the annual gross premium using the equivalence principle.
For a fully discrete, 5 - payment 1 0 - year term

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