(b) A 55-year old male is taking out a Term Insurance policy of duration 25 years for the sum of £40,000. Using the lx values in the English Life Table (ELT14), without using the given qx values, evaluate the net single premium for this policy assuming an 8% technical interest rate. Use Excel for your calculation and provide a copy of your spreadsheet.
(b) A 55-year old male is taking out a Term Insurance policy of duration 25 years for the sum of £40,000. Using the lx values in the English Life Table (ELT14), without using the given qx values, evaluate the net single premium for this policy assuming an 8% technical interest rate. Use Excel for your calculation and provide a copy of your spreadsheet.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
Related questions
Question
Transcribed Image Text:(b)
A 55-year old male is taking out a Term Insurance policy of duration 25 years
for the sum of £40,000. Using the lx values in the English Life Table (ELT14),
without using the given qx values, evaluate the net single premium for this
policy assuming an 8% technical interest rate. Use Excel for your calculation
and provide a copy of your spreadsheet.
Transcribed Image Text:English Life Tables No. 14 1980-82
English Life Table No. 14.1
Age
Males
Females
Age
Males
x
9x
ex
Ix
Ях
9x
ex
x
0
100000 .01271
71.043
100000 .00984
77.002
55
1
98729 .00085 70.956
99016 .00072
76.766
56
2
98645 .00051 70.016
98945 .00045
75.820
57
3
98594 .00038 69.051
98900 .00031
74.855
58
4
98557 .00035 68.077
98869 .00025
73.878
59
89152 .01098 20.135
88173 .01224 19.353
87094 .01361 18.586
85909 .01509 17.836
84612 .01670 17.101
Females
qx ex
93034 .00624 25.025
92453 .00686 24.178
91819 .00752 23.342
91129 .00824 22.515
90379 .00901 21.698
5
98522 .00032 67.101
98844 .00022
72.896
60
6
98490 .00030 66.123
98822 .00020
71.913
61
7
8
9
98461
98434 .00025
98409 .00024
.00027 65.142
64.160
63.176
98802 .00019 70.927
98783 .00019
98764 .00018
62
69.941
63
68.954
64
83199 .01843
16.383
81666 .02028 15.681
80010 .02229 14.995
78226 .02448
14.326
76312 .02687 13.672
89564 .00986 20.890
88681 .01077 20.093
87726 .01176 19.307
86695 .01284 18.530
85582 .01400 17.765
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
221 222 22222 22222 22237 32223 22227 24242 2222
10
11
98385 .00024 62.191
98362 .00024 61.206
98746 .00018 67.966
98728 .00018 66.979
65
66
13
14
98338 .00026
98312 .00029
98283 .00034
60.221
98710 .00018 65.991
67
59.237
58.254
98693 .00019 65.002
98675 .00022 64.014
68
69
74261
.02949 13.036
72071
.03238 12.417
69738 .03555 11.815
67259 .03903 11.232
64634 .04285 10.668
84384 .01528 17.010
83095 .01669 16.266
81708 .01828 15.533
80214 .02008 14.813
78603 .02212 14.106
15
16
17
18
98250 .00041
98210 .00053 56.297
98158 .00102 55.326
98057 .00111 54.382
57.274
19
97948 .00102 53.442
98653 .00026 63.028
98628 .00030
62.044
98598 .00033 61.062
98566 .00035 60.082
98531 .00035 59.103
70
71
72
73
74
61864 .04703 10.123
58955 .05160 9.597
55913 .05658 9.092
52749 .06198 8.607
49480 .06783 8.143
76864 .02443 13.414
74987 .02704 12.737
72959 .02998 12.077
70772 .03329 11.435
68416 .03698 10.811
20
97849 .00093 52.496
98497 .00035 58.124
75
21
97757 .00087 51.545
23
24
97672 .00083 50.589
97591 .00081 49.631
97511 .00081 48.671
98462 .00036 57.144
98427 .00036 56.164
76
77
98392 .00037 55.184
98356 .00038 54.204
78
79
46123 .07416 7.699
42703 .08096 7.275
39246 .08827 6.872
35781 .09610 6.489
32343 .10445 6.126
65886
63178
60294
57236 .05637
54010 .06271
.04110 10.207
.04566 9.622
.05072 9.059
8.516
7.994
97432 .00081 47.710
97353 .00082 46.749
97273
.00083 45.787
97192 .00084 44.824
98318 .00039 53.225
98280 .00041 52.245
80
81
98239 .00043 51.267
82
22528
98197 .00045 50.288
83
97110 .00086 43.862
98153 .00048 49.311
84
19537
16737
28965 .11334
5.782
25682 .12278 5.458
.13278 5.152
.14333 4.865
.15440 4.596
50623 .06982 7.495
47089 .07779 7.020
43426 .08669 6.570
39661 .09661 6.146
35829 .10750
5.749
30
31
33
97027 .00088 42.899
96941 .00091 41.936
96853
96762 .00099 40.012
98105 .00052 48.335
85
98054 .00056 47.359
86
.00094 40.974
98000 .00060 46.385
87
34
96666 .00105 39.051
97941 .00065 45.413
97877 .00071
44.442
88
89
14153 .16591 4.345
11805 .17776 4.112
9706 .18986 3.895
7863 .20215 3.693
6274 .21453 3.506
31978
.11922
5.381
28165 .13160
24459 .14448
5.042
4.731
20925 .15772 4.446
17625 .17116 4.186
96564 .00113 38.092
97807 .00078 43.474
90
96455 .00123 37.134
96337 .00134 36.179
96208 .00148 35.227
97732 .00085
97649 .00093
97557 .00103
42.507
91
41.543
92
2898
40.581
93
2169
96065 .00165 34.279
97457 .00114 39.622
94
4928 .22693
3810 .23929 3.167
.25153 3.012
.26374 2.863
1597 .27632
2.718
3.331
14608 .18468 3.949
11910
.19814 3.733
9550 .21143 3.534
7531 .22442 3.352
5841 .23703 3.182
95907 .00184 33.335
97346 .00127 38.667
95
95731 .00206 32.395
97223 .00141
37.715
96
95534 .00231 31.461
97086 .00157 36.768
97
95313 .00260 30.532
96933 .00176 35.825
98
95066 .00293 29.611
96763 .00196
34.887
99
1156
.28971 2.574
821 .30430 2.431
571 .32044 2.288
388 .33844 2.145
257 .35853 2.004
4457 .24914 3.020
3346 .26096 2.864
2473 .27331 2.706
1797 .28715 2.545
1281 .30330 2.380
94787 .00332 28.696
96573 .00219 33.955
100
94472 .00376 27.790
94117 .00425 26.893
93717 .00481 26.006
96361 .00245 33.028
101
165 .38087 1.865
102 .40551 1.729
96125 .00274
93266 .00545 25.129
32.108
95862 .00305 31.195
95569 .00340 30.289
102
103
104
19
61 .43241 1.597
34 .46140 1.471
.49214 1.350
893 .32252 2.210
605 .34538 2.038
396 .37231 1.866
248 .40349 1.698
148 .43881 1.535
92758 .00615 24.264
95244 .00378 29.390
105
9
92187 .00694 23.411
94884 .00419 28.500
106
91548 .00781 22.571
94486 .00465 27.618
107
90833 .00877 21.744
94047 .00514 26.744
108
.52414 1.236
4 .55667 1.129
2 .58874 1.029
1 .61896 .935
83 .47780 1.380
43 .51960 1.234
21 .56277 1.100
9 .60521
.976
54
90037 .00982 20.932
93564 .00567 25.880
109
4 .64382
.862
110
1
.67391
.755
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 14 images
Recommended textbooks for you
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman