A life insurance company sells annuities to men aged exactly60. Each policyholder pays a single net premium, P, and then receives anannuity of $30 000 a year in arrear (so that the first annuity payment is on the61st birthday). Assume that mortality follows the Standard Select Life Table,and that the interest rate is 5% per year.    Calculate the standard deviation of the present value of profit on a singlepolicy.

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