Exercise 5.20 Consider the following portfolio of annuities-due currently being paid from the assets of a pension fund. Age Number of annuitants 60 40 70 30 80 10 Each annuity has an annual payment of $10000. The lives are assumed to be independent. Assume mortality follows the Standard Ultimate Life Table, with interest at 5% per year. Calculate (a) the expected present value of the total outgo on annuities, (b) the standard deviation of the present value of the total outgo on annu- ities, and (c) the 95th percentile of the distribution of the present value of the total outgo on annuities, using a Normal approximation.

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