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Karolina [17]
3 years ago
9

Determine the term life insurance amount per thousand on a 23-year-old male for a 5-year policy given that the face value of the

policy is $151,625 and the annual premium is $397.26. Round your answer to the nearest cent.
Mathematics
2 answers:
CaHeK987 [17]3 years ago
6 0

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

klemol [59]3 years ago
3 0

Answer:      

The answer is 2.62

Step-by-step explanation:

Given information is :

The face value of the policy is $151,625

Per thousand this value becomes = \frac{151625}{1000}=151.625

The annual premium is = $397.26

The term life insurance amount per thousand will be =

\frac{397.26}{151.625} = 2.62

Hence, the answer is 2.62.

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