Question 3 (Total: 10 marks) (a) You are given Y is the present value random variable for a special life annuity on a life aged 60 that pays 10 at the end of every fifth year, starting from today if the insured is alive at that point of payment. SP60 = 0.8, 10P = 0.5, and is Poo = 0 i=0.045 Calculate Var[Y] (4 marks) (b) You are given 500A = 338 500 A = 136 d=0.055 100, E = 57.2 Calculate a, and -* using Woolhouse two-term approximation, () (4 marks) Without performing any calculation, arrange the values of a, a, , ) and , in descending order. Explain your answer. (2 marks) Question 3 (Total: 10 marks) (a) You are given Y is the present value random variable for a special life annuity on a life aged 60 that pays 10 at the end of every fifth year, starting from today if the insured is alive at that point of payment. SP60 = 0.8, 10P = 0.5, and is Poo = 0 i=0.045 Calculate Var[Y] (4 marks) (b) You are given 500A = 338 500 A = 136 d=0.055 100, E = 57.2 Calculate a, and -* using Woolhouse two-term approximation, () (4 marks) Without performing any calculation, arrange the values of a, a, , ) and , in descending order. Explain your answer. (2 marks)