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Nutka1998 [239]
3 years ago
8

Maria, age 28, wants to pay no more than $300 a year in life insurance. What is the face value of the largest 20-year term polic

y she can buy without spending more than $300 annually? a. $234,000 b. $158,000 c. $11,000 d. $567,000 Please select the best answer from the choices provided A B C D
Business
1 answer:
VMariaS [17]3 years ago
7 0

Answer:

Explanation:

Net Cost of Life Insurance Premium : Life insurance policy entails Premium to be paid by the insured at a monthly / quarterly interval. insured often gets dividend from the insurance company and in that case, the net cost of premium will be low

The 20 years premium can be calculated with Annual Premium which is not given in the question, therefore i will solve for all the option but please pick the answer that the Annual premium is with you

a)   20 years premium = Annual Premium x Number of years

                                     = 11700 x 20

                                    = 234,000

b)   20 years premium = Annual Premium x Number of years

                                     = 7900 x 20

                                    = 158,000

c)  20 years premium = Annual Premium x Number of years

                                     = 550 x 20

                                    = 11,000

d)  20 years premium = Annual Premium x Number of years

                                     = 28350 x 20

                                    = 567,000

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