Question 3 (10 marks] For a (fully-discrete) special 15-payment whole-life insurance issued to (x), the death benefit payable at the end of year k is bk = 1+ kV kV.x, where kV is the benefit reserve at time k for this policy and kVx is the benefit reserve at time k for a fully-discrete whole life insurance of 1 on (). Let w be the limiting age. If w 2 > 15 and if w- V = 1, show that the annual level benefit premium payable at the beginning of each year for 15 years equals Prw-r]/15]. (Px is the annual level benefit premium for a fully-discrete whole life insurance of 1 on (x)). Question 3 (10 marks] For a (fully-discrete) special 15-payment whole-life insurance issued to (x), the death benefit payable at the end of year k is bk = 1+ kV kV.x, where kV is the benefit reserve at time k for this policy and kVx is the benefit reserve at time k for a fully-discrete whole life insurance of 1 on (). Let w be the limiting age. If w 2 > 15 and if w- V = 1, show that the annual level benefit premium payable at the beginning of each year for 15 years equals Prw-r]/15]. (Px is the annual level benefit premium for a fully-discrete whole life insurance of 1 on (x))