Week 5 Quiz - Saving (15pts) 1. If the interest rate on a savings account is 0.01%, approximately how much money do you need to
1 answer:
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Answer:
True
Step-by-step explanation:
The equation of direct variation is
y = kx ← k is the constant of variation
To find k divide both sides by x
= k
That is the constant is the ratio of y- values to x- values
We need to determine the term life insurance amount per thousand on a 22-year-old female for a 5-year policy given that the face value of the policy is $600,000 and the annual premium is $1332.
Since we are supposed to find the term life insurance amount per thousand, therefore, we will use the following formula:
Upon substituting the values of annual premium and face value of insurance, we get:
Therefore, the required life insurance amount is $2.22.