A fully discrete 20 - year endowment insurance of $1 is issued to (40). The contract provides for the refund of all net premiums paid accumulated at the interest rate i > 0 if the death occurs within...

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Extracted text: A fully discrete 20 - year endowment insurance of $1 is issued to (40). The contract provides for the refund of all net premiums paid accumulated at the interest rate i > 0 if the death occurs within 10 years from the inception of the contract. Present values are calculated at the same interest rate i > 0. Using the equivalence principle, the net annual premium payable for 20 years for this policy can be written as A40-20/k. Find k.