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    Insurance Policies from Mortality Rates

    Julio’s mortality for 1 ≤ t ≤ 4 is assumed to be governed by the law tpx =.2(4 − t). Harold’s mortality for 1 ≤ t ≤ 5 is governed by tpx = .3(4 − t). Ifi = .07, find the price at time 0 of an insurance policy which will pay 100, 000at the end of the year in which the first of Julio or Harold dies
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