For a fully discrete whole life insurance of 100,000 on each of 10,000 indepen- dent lives age 60, you are given the following values from the life table, A60 = 0.36913,2 A60 = 0.17741, i = 0.06. Let π be the annual premium for each insurance policy. (a) Use the normal approximation, calculate π, such that the probability of a positive total loss is 1%, given Φ0.99 = 2.326.

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