The annual premium for the life insurance policy will be $729.16.
<h3>What is premium?</h3>
An insurance premium is the amount of money paid for a policy by an individual or a corporation.
Given that:-
- A $35,000 ordinary whole-life insurance policy was purchased by abe Snyder on may 12, 1975 (abe was born May 11, 1927). find the annual premium.
The total years of the policy will be between May 12, 1975 (abe was born May 11, 1927)
= 1975 - 1927 = 48 years
So the annual premium will be:-
Annual premium = 35000 / 48 =$729.16
Therefore the annual premium for the life insurance policy will be $729.16.
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