The annual premium result in an annual out-of-pocket expense that is about the same as her current plan is $0.28 per $100 of value.
<h3>What is an insurance premium?</h3>
Insurance premiums are paid for policies that cover all the basic needs such as healthcare, home, and life insurance.
We are given Amount of insurance policy for Stephanie = $ 355,000
Annual premium = $ 0.42 per $100
Deductible amount = $ 500
Total Annual out of pocket expense
= [($355,000/100) x $0.42] + $500
= $1,991
Now, the New Deductible amount that Stephanie wants is $ 1000
So, Let the annual premium be x
To find the annual premium in an annual out-of-pocket expense that is about the same as her current plan when the deductible amount increases to $1000
355,000x / 100 + 1000 = 1991
3550x + 1000 = 1991
3550x = 1991 - 1000
3550x = 991
x = 991/3550
x = 0.279≈0.28
Hence the annual premium result in an annual out-of-pocket expense that is about the same as her current plan is $0.28 per $100 of value.
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