You are given the following information: An individual aged 40 purchases a 20-year term life insurance policy with a $1,000 death benefit and a 40-year deferred whole life insurance policy also with a $1,000 death benefit. Mortality follows the Standard Ultimate Life Table. Premiums are payable at the beginning of each year as long as the insured is alive. i=0.05 Calculate the level annual net premium using the equivalence principle. a. Less than $3 b. At least $3, but less than $4 c. At least $4, but less than $5 d. At least $5, but less than $6 e. At least $6

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