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minalbidvalueofthecapitalunits,\rcalculatedatthetimeofsurrender.\rThecompanyholdsunitreservesequaltothefullbidvalueoftheaccumulation\runitsandaproportion,A(calculatedat4%interestandA1967-70Ultimate\r60+t:3−t\rmortality),ofthefullbidvalueofthecapitalunits,calculatedjustafterthe\rpaymentofthepremiumdueattimet(t=0,1and2).Thecompanyholdsno\rsterlingreserves.\rThelifeinsurancecompanyusesthefollowingassumptionsincarryingoutprofit\rtestsofthiscontract:\rMortality:A1967–70Ultimate\rExpenses:initial:£400\rrenewal:£80atthestartofeachofthesecondandthird\rpolicyyears\rUnitfundgrowthrate:8%perannum\rSterlingfundinterestrate:5%perannum\rRiskdiscountrate:15%perannum\rSurrenderrates:20%ofallpoliciesstillinforceattheendofeachof\rthefirstandsecondyears\rCalculatetheprofitmarginonthecontract.[18]\r105S2001—9