please answer all the questions and you may use the lectures attached. (for question 1 and 4 please include the formula and solving process) let me know if you have any question. thanks.1. Suppose that a person wants to purchase an annuity today that would pay $15,000 after taxes per year until the end of that persons life. The insurance policy expects the person to live for 25 more years and can invest the amount received for the annuity at a guaranteed interest rate of 5%. What is the fair price (the amount needed to establish the annuity).Check page 485 in the book. Men if you use a make sure you show your work, even if you use a calculator.2. Define the following types of insurance policies:a. Term Lifeb. Whole Lifec. Endowment Lifed. Variable Lifee. Universal Lie3. Whats the difference between an open end mutual fund and a closed end mutual fund?
4. The total value of an equity mutual fund is $354,786,500. The expenses are $29,986. There are 34,879 shares outstanding. What is the funds Net Asset Value (NAV)?
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