What is the y-intercept of the line described by the equation below? y = -5x + 7
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We need to determine the term life insurance amount per thousand on a 22-year-old female for a 5-year policy given that the face value of the policy is $600,000 and the annual premium is $1332.
Since we are supposed to find the term life insurance amount per thousand, therefore, we will use the following formula:
Upon substituting the values of annual premium and face value of insurance, we get:
Therefore, the required life insurance amount is $2.22.