(1 pt) A married couple is assumed to be independent with respect to mortality. The elder spouse is currently aged 38, and the younger spouse is currently aged 35 Their independent mortalities over the next five years are based on the life table below:
Time (t) ^38+/ ^35+<
0 16750 18000
1 16575 17857
2 16381 17704
3 16092 17513
4 15835 17308
5 15578 17086
The couple purchased a 5-year term life insurance policy today which pays $100000 at the end of the year of the first death of the couple, if the first death occurs within the five year term. At the beginning of each year, if they are both alive at that time, they pay a premium of $P
Assuming an effective annual interest rate of 5.5%, find the amount of the annual premium paid by the couple for this policy.
P=s I I
Note: Round your answers to the nearest cent
