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ie Chapter Nine Life Annuities and Life Insurance Introduction If you review carefully the solutions to examples in Chapter 8, you will see that we have already done several questions involving life annuities and life insur- ance. In fact, life annuities and life insurance are nothing more than contingent payments with time value and no new theory is needed in this chapter. Rather, we will present a mortality table that could be used in Canada for such policies and then present some of the notation familiar to Canadian actuaries working with life annuities and life insurance on a day-to-day basis. Mortality Tables Many organizations collect mortality data in Canada. For example, any time a person dies, information on that death, including age at death and cause of death, is sent to the provincial government. These “vital statistics” are compiled by Statistics Canada and analyzed every five years, just after each census, which provides us with data on the number of people alive at any age. The ratio of the number of deaths at a given age to the number of people alive at that age can be used to create mortality ratios, These ratios, in turn, can be used to create mor tality tables showing the probability of death at each age, separately for Canadian males and females. Insurance companies also collect data on age at death, but only for their pol- icyholders. ‘These statistics are compiled and analyzed by a committee of the Canadian Institute of Actuaries, which, from time to time, will issue mortality tables showing the probability of death at each age. These tables are done sepa- rately for females and males, and smokers and nonsmokers, and are also done separately for annuityholders versus insuranceholders 278 MATHEMATICS OF FINANCE ;eneral, the people who buy annuities from insurance 9) average health, Thus, to determine the value of an anni will use a mortality table based on the annuitant’ experience. value ofan insurance contract, the actuary will use a mortality tabls | experience of insured lives On page 329 at the back of this text, we have presented +h Institute of Actuaries 1986-92 Mortality Table. (For information 00 jy mortality tables, see: wwvw.statean.ca/englishIPS/Data/84-537-X0: | This table was derived u ng the experience of insured fives whes | period. This table is widely used in Canacha to determine the pret» insurance policies, Note that by using this table the actuary is fore! that experience from the past will accurately predict events in the hv have presented both the male and female tables, which are further into smokers, nonsmokers and an aggregate table. Age Aggregate Nonsmokes 15 0.26 025 16 029 028 7 03 030 Is 0, 032 Part of the female table has been reproduced above, Bach col nn Hist tj bility of death at each age, multiplied by 1000, ‘Phatis, fora female at a nonsmoker, the probability of dying in one year is 0.00025, The nota is used for this probability a we.v is qy."Phatis, in this case, ¢2” = 0.00025 the superscript refers to a female nonsmoker. In reality, there is no age where the probability of death is 1. In prs however, the actuary will choose a termination age for the mortality tale (arbitrarily) set qx = 1 at this age. In our table, the termination age ways! 10s. EXAMPLE 1 Using the CLA, 1986-92 Dility that an 18-y mortality table, estimate the p “old survives w age 25. Solution First, we must realize that the angwer will differ depending np whether the person is male or female, a smoker or nonsmoker. Second, we only have g. data, that is the probability of death at age x or th probability that someone who survives to age x will die before age x + 1. "Fs complement of the probability of death q, is the probability of survivorship That is, Q2 So at each age we e: probabilities are naw define the probability of survivorship and thes: (CHAPTER Y « LIFE ANNUTTIES AND LIFE INSURANCE 279 PROBABILITY OF SURVIVING FROM AGE x TO AGE x +1 _ Pea dn ge MALE FEMALE Age Aggregate Smoker Nonsmoker Aggregate Smoker Nonsmoker 18 0.99913 0.90907 0.99914 0.99967 0.99964 0.99968 19 0.99906 0.99895 0.99908 0.99964 0.99962 0.99966 20 0.99902 0.99888 0.99904 0.99963 0.99959 0.99965 21 0.99901 0.99885 0.9902 0.99962 0.99958 0.99965, 22 0.90902 0.99884 0.99903 0.99963 0.99958 0.99966 23 0.99903 0.99884 —0.99905.0.99964 0.99960 0.99967 24 0.99904 0.99884 0.99906 0.99967 __0.99962_ 0.99970 As an aside, it is interesting to note that generally the probability of death gs increases with age. However, in the age range above, we have mortality rates, qoy that at first rise but then fall. This is more pronounced for males than females. “The cause of the “hump” in the mortality curve is the large number of acciden- tal deaths (plus some effects of homicides and suicides) in this age range. ‘We now have yearly probabilities of survival p, from age 18 to 24. However, to determine the probability that an 18-year-old survives to age 25 requires the compound events of surviving from age 18 to age 19, then from age 19 to age 20 and so on. Notationally we say that Pet * Psd ne Prtnet thata person who is alive at age «will survive to age Note: ype= 1 and ips = Ps So, spas = pis - Pi + P20 .4 and we can derive the following probabilities EEE EE OO Oe PROBABILITY OF SURVIVING FROM AGE 18 TO AGE 25 MALE FEMALE ‘Aggregate Smoker Nonsmoker Aggregate Smoker _ Nonsmoker 993339227 9975099723 99761 . Finally, it should be noted that as Dx (23) where sie = xen he probability that a person who is alive at age x dies before age 280 MATHEMATICS OF FINANCE Exercise 9.2 EXAMPLE 2. Using the data from Example 1, determine a) the probability thae a male smoker aged 19 dies before age 22. b) the probability that a female nonsmoker aged 20 dies between ay: and 25. Solution a We want to calculate sgio = 1 ~ spio for a male smoker. Us data from Example 1 (for a male smoker) we calculate: = (.99895)(,99888)(.99885) = .99668 = 99668 = .00332 SP = Pv Pro Pa and sgio = 1 = spo Solution & We want to calculate the joint probability that a female 1 smoker aged 20 lives to age 22 and then dies between age 22 and 25, thi + probability 2p>» 2 for a female nonsmoker. Using data from Example 1 a female nonsmokers) we caleulate: Pon = Pan = oy = (99965).99965 1 pro prs - po and pro ya = (.99930),00097; 99930 ~ (.99966)(.99967)(.99970) = 000" 00097 While these calculations are somewhat laborious on a pocket calculator, they » very easy to determine on a personal computer. . Part A 1, Using the 1986-92 C.LA. mortality table, estimate the following probabiliti a) a41-year-old male smoker survives to age 45; bb) a 29-year-old female smoker dies before age 33; ©) a 32-year-old male nonsmoker dies between ages 35 and 38; 4) a 40-year-old female smoker dies between ages 42 and 45; «) a 50-year-old male smoker dies at age 54 2, Using the 1986-92 C.LA. mortality table, determine for a group of males ag! 70 the age by which their population will be approximately eut in half. Hint: Use aggregate mortality. 3. Using the 1986-92 C.LA. mortality table, determine how many female students out of 1000 who enter a four-year university program at age 18 will live to graduate at age 22. Hint: Use aggregate mortality. Part & A. Prove that gers = = Ps 2, Using the 1986-92 C.LA. Table, plot and compare the values of g, on a graph. 3. Given py = "forall x find a) 20 prs by ioge ©) the probability that a 30-year-old dies at age 45. 4, Repeat question 3 given px = 8% or py = Wee (CHAPTER 9 « LIFE ANNUITIES AND LIFE INSURANCE 281 Pure Endowments A contract that promises to pay a person aged x today $1 if and when the per~ son reaches age x +m is called an 7-year pure endowment and is denoted ,E-. Pure endowment contracts are not actually sold today, but are of theoretical importance We wish to determine a value for ,E, given a mortality table and some rate of interest ao | i \ A Using the theory developed in Chapter 8, for an individual aged x today, the value of this contract is (4) This value can be derived in another way. Define the symbol “/.” as the number of people who survive to age x. Assume that /. people buy this contract and each pays §,E;, for the contract. This money can be placed in a fund earn- ing interest at rate iforn years for a total accumulated value of Sie» gEe-(1+i)". The fund will then be divided equally among the deve sur- vivors so that each survivor’ share is 4h Tos But we know that each survivor is to get $1 Thus, (+0 21, and But, So as before. Ex is sometimes called the net single premium for an n-year pure endowment contract. We refer to it as a net premium, since expenses have been ignored. 282 MATHEMATICS OF FINANCE EXAMPLE 1 Mr. Judges works for the Acme Manufacturing Comps company has a retirement plan, paid for by the employer, which provic!: retiring employee with $50 000 at age 65. Mr. Judges is age 59 today sn to change jobs. The Acme Manufacturing company will allow hit (1 « the present value of the $50 000 to his new employer’s retirement sehets |! much money will be transferred if the company uses the male aggrestst: + tality table and a) jr = 4%; b) j, = 9%? Solution 2 Using formula @4), 50 0006Es» = 50 000(1 + H)-%epso 10 DOO(L.04) “(psy = pan « --« Pos) = 50 000(1.04)%C — gso)(1 — goa) = = gos) 36 653.37 Solution b This is the same as Solution a except j; = 9% 50 000,Eso = 50 000(1.09)%eps9 27 653.81 EXAMPLE 2. Find the net single premium for a S-year pure endow» $5000 sold to a male nonsmoker aged 55 iff = 119% Solution Using formula (24), the answer is 5000535 = SOOO(L.IL) spss = $2886.72 Exercise 9.3 art A 1. Jamie Suljak, aged 15 today and a nonsmoker, wins first prize in a lottery 11 ‘can have $160 000 on his 21st birthday or Sx today. What would x equi! a) ji = 5% b) jr = 11% 2. ‘The Ayers want to place some money in a fund to provide tuition fee ej» for their daughter, now aged 12. They want the fund to pay out $6000 daughter on her 18th birthday if she is still alive. How mach must be p.» the fund today if a) j: = 4%; b) 1 = 8%? Assume aggregate mortality 3. Find the net single premium for a 5-year pure endowment of $10 000 sh! a female smoker aged 45 if a) 1 = 6% 5b) ja = 10%, 4. Find the present value of $5000 due in $ years’ time at jy = 4% if a) the payment is certain to be mades ) the payment is contingent upon a 35-year-old male smoker surviving, to age 40. 5. How large pure endowment, payable a age 65, can a female nonsmoker aged 60 buy with $1000 cash ifj1 = 7%? CHAPTER 9 « LIFE ANNUTTIES AND LIFE INSURANCE 283 Part 5 1. Given fy = (1 ~ gy), find the net single premium for a pure endowment of $1000 due in 20 years purchased by a 21-year-old male if jy = 11%. 2. Show that 8) Ey - nEsee = me b) aE = 1Be- 1Bvst Bee Life Annuities Alife annuity is a level series of payments made to a policyholder aged x, called an annuitant, as long as the annuitant is alive. If not otherwise specified, a life annuity has its first payment at the end of the first year, ic., an ordinary life annuity, Life annuities can be paid more frequently than annually, but we will pre- sent formulas only for annual payment schemes. We will continue to use the C.LA, 1986-92 mortality table despite the fact that, strictly speaking, it is used for insurance policies and not annuities. The formulas and the methodology are not affected To determine the discounted value of a $1 ordinary life annuity issued to someone aged x, denoted a, we can return to the methodology of Chapter 8 and see that = (1+ Ipet +i rt (+I spe or [Zar] ya + re. | @5) The upper bound on the summation is given as infinity, but in reality we need proceed no further than age 105, since our mortality table ends at age 105. That is, se = Sarre. Another way of looking at life annuities is to perceive the payments made as a series of pure endowments. That is, 105. Le 284. MATHEMATICS OF FINANCE EXAMPLE 1 Find the cost of a life annuity issued to a male nonsmokers) 95 paying $1000 a year (First payment at age 96) ifr = 6%. Solution Using formula (25), the cost of the annuity is, 10 1000295 = 1000) *(1 + i “pos = $1913.65 ‘at Iris interesting to note that the cost to a female nonsmoker for the same ars": ity would be $2242.87. The extra cost is due to the fact that women, a5 a 815) live significantly longer than do men. “This cost is referred to as a net single premium. Ie isa net premium in» of a gross premium since we have ignored expenses. . EXAMPLE 2 Find the net single premium for a life annuity paying $10h1" year (first payment at the end of the first year) to a 60-year-old given ji and the annuitant is a) a male nonsmokers ») a female nonsmoker; c) amale smoker; 8) a female smoker. Solution We want $1000a0 throughout where sor a= 047 Pe0 a We must do the calculation four times using the four different moriali: assumptions. This can be done easily on a personal computer once the value! 10004, have been entered as seen in the Excel spreadsheet that follows. ‘The answers are as follows: a) $10 116.91 b) $10 914.28 ©) $8369.55 4) $9967.53 ‘As one would expect, nonsmokers will pay more than smokers since they expected (on average) to live longer. For the same reason, females will pay 1 than males, (CHAPTER 9+ LIFE ANNUITIES AND LIFE INSURANCE 285 ‘Te annuity for 2 male smoker coll Enter 1-¢ F10 10/1000 ficn1-78) F-1)*D1/1000 “ai gh 10060 dpe iret 1 Se eae are ‘eas. oan taser orice Wiso> sn0es ares Hew tees tao foo Baio tease 2a fase S13 ane te goat wn se Seer seas ino Sas ot “hos ex 0.97986 0.95802 0.93442, 0.90903. 0.88185 0.85285. 0.82207 0.78957 0.75542 0.71974 0.68268 0.6442 0.60817 o.sesi8 0.82472 0.48409 0.44359, 0.40357 0.36436 0.32628 0.28967 0.25479 22193, 0.19130 0.16308 0.13740 0.11431 0.09384 0.07595 0.06053 0.04746, 0.03656 0.02764 0.02047 0.01483 0.01048, 0.00722 0.00482 0.00312 0.00195 0.00117 (0.00065 0.00032 0.00012 0.00003 0.00000 Enter (1+AS10KCE) ‘SUMPRODUCT(F:6) (Gtiyt 1000Annuity 0.9346 8369.55 0.8734 osi6s 0.7629, 0.7130 0.6663 0.6227 0.5820 0.8439 0.5083 0.4751 0.4440 0.4150 0.3878 0.3624 0.3387 0.3166 0.2959 0.2765 0.2584 0.2415 0.2257 0.2108 0.1971 0.1842 0.1722 0.1609 0.1504 0.1406 | 0.1314 0.1228 0.1147, 0.1072 0.1002 0.0937 0.0875 0818 0.0765 0.0715 0.0668 0.0624 0.0583 0.0545 0.0509 0.0476 0.0445 286 MATHEMATICS OF FINANCE, In Chapter 4 we looked at other simple annuities for example, annuiti deferred annuities. Life annuities due are used a great deal by lite 1 companies. ASI life annuity due has the first payment now. Therefore, the sl value of a SI life annuity due, denoted ii, is given by ee » Note: d, = a, + 1. The proof is left to the student as an exercise. EXAMPLE 3. Find the cost of a life annuity due issued to a few er aged 95 that pays $1000 a year if = 6%. Solution We want wo 1000495 = 1000) (1 + i) pos = $3242.87 = Note: The answer is simply $1000 larger than the answer give ts Example 1. EXAMPLE 4 Determine the cost toa male nonsmoker aye! ity of $1000 a year where payments start at age 96 if, = 6° Solution Let P denote the cost of the annuity as show 1000 1000 rou 85 96 7 os > O00(1Exs + 12Kgs + 13Exs + ++) = 10001 + Mapas + (1+ izpes + (1 +0) | However, it can be shown that this is equivalent to P= 1000(1 + rqpys((1 +A" + pos +L +A) Ayo vt = 1000(1 + I Mrapas - aos (oF 1000;oEs5a9s) (CHAPTER 9 + LIFE ANNUITIES AND LIFE INSURANCE 287 From Example 1, $1913.65 Ess = (1 + i) spas = .0847274 1913.65(.0847274) = $162.14. and we calculate so that . Example 4 illustrates what is known as a deferred life annuity. The nota- tion used is ,|@y for the discounted value of a $1 ordinary deferred life annuity and gli: for the discounted value of a $1 deferred life annuity due where 7 is the period of deferment In general ahd = (1+ Dae * sen = wll» din allie = (1+ ype» don = kee + heen EXAMPLE 5 Determine the net single premium P for a life annuity of $500 a year payable for a maximum of 5 years, issued to a female smoker aged 40 if j= 10%. Solution The following time diagram illustrates the payments. 500 500 500, 500 500 40 a 2 B 4 45 | P From the diagram, we see that our payments start at age 41 and end at age 45. ‘These payments will be valued at age 40. Thus, we need evaluate only five terms and P= SOO{[(1.10) p40 + (1.10) 72pyo + (1.10) *3p4o + (1.10) spa0 + (1-10) *spao) = $1881.82 . Example 5 illustrates what is known as a temporary life annuity. The nota- tion for the discounted value of a $1 temporary life annuity is am and diem for the discounted value of a $1 temporary life annuity due where 7 is the length of the payment period. In general, aon = Ul +3 ot pa cm = 0+ 7"'e ea 288 MATHEMATICS OF FINANCE, Exercise 9.4 ath 2. In Example 5 we showed that for a female smoker aged 40 the net yremium for a 5-year temporary annuity of $500 at ji = 10% a year w.« 1881.82. From Chapter 3 we know that the cost of a 5-year annuity ess» OF $500 a year at jy = 10% is $0027 0 = $1895.39, Explain why a tenner» life annuity costs less than an annuity certain of the same duration, Find the net single premium for a life annuity issued to a fernale nonsinil aged 96 paying $600 a year (first payment at age 97) if = 8% 4, Find the cost of a life annuity due of $2000 a year payable to a male s aged 98 if fi = 4% 5. Determine the net single premium for a female nonsmoker aged 75 of 1 annuity of $6000 a year where the first payment will be at age 97 if, Determine the cost of a temporary life annuity of $1500 a year payable: fs» years issued toa male smoker aged 25 ify = 9% 7. Determine the net single premium for a 5-year temporary life annuity’ issued to a female ayed 40 that pays $900 per annum iff) = 4%. Use aggregate mortality ‘Mrs. Anderson, a nonsmoker aged 37, inherits $10 000 and uses thi buy a 5-year temporary life annuity at jy = 8%. What annual payments she receive from the annuity if a) the first payment is now: b) the first payment is at age 382 9. Robbie McBean, aged 12, wins $50 000 in a lottery. The money is left 1 accumulate at jy = 9% and will be paid to him in the form of a S-year temporary life annuity, first payment at age 18 if he is then alive, Find tly ‘of each payment. Assume ageregate mortality 10. A 56-year-old male earning $42 000 a year who is a nonsmoker is left paralyzed as the result of an industrial accident. He sues the company to +i present value of his lost income through to age 65. Find the value of thy! suit, if successful, if we assume his salary is paid at the end of each yest 0» rates of investment returns are expected to exceed salary increases in th future by the rate of ji = 2%. LL. A 25-year-old female nonsmoker takes out a fife insurance poliey on wh premiums are $300 a year (at the beginning of each year) for 5 years, Fw! present value of these payments if) = 4%. 12. A male and a female worker, both nonsmokers and both working for thy -» period of employment with the same company at the same past salary Il retire at age 65. The employer has built up a fund of $100 000 for each o! them to buy them 2 10-year temporary life annuity (first payment due st» 65) at = 6%. What annual income will each worker receive? 13. AA 5-year-old girl inherits $100 000, The money is set aside in a fund 10 |» de $ annual payments to her, first payment at age 21, as long as she is sh Find the size of each payment she will receive assuming j = 11% throws and aggregate mortal art B 1. Use a computer to determine the value of a life annuity of $1000 per ye issued to a male nonsmoker aged 65 if | = 94 2. Show that dy = thea + sty = fon + wy + sso CHAPTER Y + LIFE ANNUITIES AND LIFE INSURANCE 289 3. Mr, Evanoff, a nonsmoker aged 65, buys a retirement annuity with the first payment made at age 76 and with annual payments of $4500 each. The first 30 payments are guaranteed. After that, payments are made contingent upon Mr. Evanoff being alive. Find the value of this annuity if jy = 8%. 4, Show that a) i= 1414" py b) ae = (1+ Ye + ED = atid Show that 2) fig = V0 b) fim = aon 6, Given fy = lo(l ~ 3fq), ealeulate i if interest is 9% per annum. 7, Find the net single premium for a 10-year temporary life annuity issued to a male smoker aged 65 if, = 8% in the first 5 years and jy = 6% in the next 5 Life insurance People buy life insurance to protect their dependants from the financial conse quences of their untimely death. “The principal types of life insuran 3) Whole life insurance, wherein the insurance company pays the face re value of the policy to the beneficiary upon the death of the insured, whenever that occurs, ») n-year term insurance, wherein the insurance company pays the face value of the policy to the beneficiary upon the death of the insured, but only if the insured dies within the 11-year period defined. n-year endowment insurance, wherein the insurance company pays the face value of the policy to the beneficiary upon the death of the insured if the insured dies within the 2-year period or pays the face value of the policy to the insured at the end of the m-year period if the poliey- holder is still alive. ‘That is, an »-year endowment insurance policy combines the benefits of an 1 ear term insurance policy and an 7-year pure endowment. In Example 3 of Section 8.4, we solved a problem involving a one-year term insurance policy. We will now return to a similar problem and formalize the methodology used to determine the cost of certain insurance policies. While in reality death benefits are paid as soon as proof of death is given to the insurance company, we will be assuming that all death benefits are paid at the end of the year of death. his assumption is necessary to allow for ease of calculation. EXAMPLE 1 Find the net single premium for a $10 000, one-year term insurance policy issued to a male smoker aged 31 ifji = 11% Solution As in Example 3 of Section 8.4, the premium P is P= 10 000111) = gai Using qx: from the 1986-92 C.LA. Table, we get P= $14.14 290. MATHEMATICS OF FINANCE From here, we can build up the formulae for the other insurance contracts commonly offered. EXAMPLE 2. Find the net single premium for a $5000, 5-year term insurance issued to a female nonsmoker aged 27 if ji = 12%. Solution The data presented in the 1986-92 CLA. Table provide us with the probability of dying in any one year. We are assuming that the death bene fits paid at the end of the year of death. Hence, the net single premium P cn: be determined as follows: P= SOOO[(L.12) "go> + (1.12)> 9 +(L12y gan LARS? » spor = $7.57 In general, the symbol for the net single premium for a $1, 1-year term insurance policy issued to a person aged «is Al.q and [ al | | Abn = 0+ Pager en = The “1” over the + signifies that the event that causes a payment to be made is the death of a person aged x at issue before the passage of years of time. ‘in Example 1, the 1-year term insurance policy could be denoted 10 0004, EXAMPLE 3. Find the net single premium for a whole life policy for $50 000 issued to a male nonsmoker aged %6 if fi = 8% Solution Asstated before, this policy provides coverage for the whole of lite and will pay the benefit at the end of the year of death whenever death occurs ‘This is just term insurance that proceeds to the end of the table. That is, P= 50 000 S20. +i peter = 50 000 S71 + ps goer $40 087.03, . In general, the notation for the net single premium for a $1 whole life insurance policy issued to a person aged wis Ay and = MO paden (28) es CHAPTER 9 « LIFE ANNUITIES AND LIFE INSURANCE 291 EXAMPLE 4 Find the net single premium for a $100 000, whole life irsur ance policy issued to a person aged 40 with j; = 7% given a) a male nonsmoker b) a female nonsmoker; ©) amale smoker; 4) a female smoker. Solution We want 100 000 44 throughout, where Ag = 0 + ips goose a We must do the calculation four times using the four different morality assumptions. This can be done easily on a personal computer once the values of 1000 g, have been entered as seen in the Excel spreadsheet that follows ‘The answers are as follows: a) $9253.52 b) $7205.09 ©) $14 644.50 ) $10 648.75 rc se 2 The insurance for‘ male smoker [3 | 4 catt emer con enter 5 onan So Geksioxco ls Fro 10/1000 fh Dee000 $ ute recneorio; ——«“NO._—_‘sumprae(G1 1-676 10475) 3 — fo inerest Age 10009 1000pe tox (Tee tpt) Inuran u $0 222 Seven 1 0.90776 Osos 00028 xz 42. 273 99727 2 0.99531 0.8734 0.0027 | 6 © Bt feces 3 ossase ores 0.0000 4 385 S8Ge2 4 oasese 0.7629 0.0000 is fs 378 99622 § 0.98624 0.7190 0.0057 | 6 So Bese 6 oases! oases 0.0042 a 3 478 99825 7 0.97854 0.6227 0.0046 | @ 3% RU S855 & carer ose20 0.0052 1° 38 $53 Seaor 3 oeaeo seas 00058 20 S652 99328 10 0.96269 0.5083 0.0065 | 2 SS Sess 11 oases on7si 00072 22 52 846 991.54 12 0.94902 0.4440 0.0080 | 2 SSS Sess to ocovo ois coe 2 SS fog Seoso 14 ose208 09578 0.0089 | S198 Seats 1s oszex oases 0.0109 | es SUS) Sere te ostizs oan? 00120 TES) Seoas v7 canes Oates one | 2 Siege Senee 18 o.eeo1 2969 O014s 2 $1833 Sores 19 canse O2765 o.01se st SONS Sram at osseds aes 00187 | is 62 2463 975.37 22 0.81976 0.2257 0.0202 | = SS raed 23 020007 o2109 00217 oe SB soos a4 7774 o1o7 00208 | 3s Se BBSh ania 2s o.7e4se O.1ei2 00248

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