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Oksi-84 [34.3K]
3 years ago
14

Tom Harris, a young father, is twenty-four years old. He wishes to purchase $7,000 of a ten-year term insurance. What will be hi

s annual premium?
Mathematics
2 answers:
Tomtit [17]3 years ago
8 0

Answer:

The annual premium will be $29.05.

Step-by-step explanation:

Consider the provided information.

Tom Harris, a young father, is twenty-four years old and wishes to purchase $7,000 of ten-year term insurance.

in order to solve this, first, find the age of the person and the insurance rate under the correct policy.

For a 24-year-old rate is 4.15.

Now, calculate the face value of the policy:

Divide 7,000 with 1000 which gives 7.

Now simply multiply 7 with 4.15 which gives $29.05

Hence, the annual premium will be $29.05.

svetoff [14.1K]3 years ago
5 0
<span>It would just be 4.15 times 7 which is </span>29.05
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