Answer:
$2.62
Step-by-step explanation:
The rate per thousand is ...
... (premium amount)/(number of thousands of face value)
... = $397.26/151.625 ≈ $2.62
Answer:
not sure if im right but this is my problem
3b=7
Step-by-step explanation:
1) montly rate, r = 5% / 12 = 0.416% = 0.00416
2) capital, C = $ 450 = present value
3) time = 11 years => number of periods = 11 * 12 = 132
4) Formula: FV = C * (1 + r) ^ (number of periods)
5) Calculation: FV = $450 * ( 1 + 0.00416)^(132) = $ 779.07
Answer: $ 779.07
