Ten thousand club members age 21 set up a fund that earns interest at i = 6%. The probability is 95% that sufficient money will be on hand to pay 1 to each member who survives to age 80. If mortality follows the Illustrative Life Table, determine the initial amount in the fund.
The answer is given as 133.51. I know you don't have that table, but if anyone knows how to set this up I would really appreciate any help!!
The answer is given as 133.51. I know you don't have that table, but if anyone knows how to set this up I would really appreciate any help!!
