Question

Trylon Eager took out an $85,000, 20-year term policy at age 40. The premium per $1,000 was $5.00. He will be 60 years old this year. The premium per $1,000 will be $5.90. The percent increase to the nearest whole number is ____%. (Enter only the number.)

Answer 1

So based on the given values above, it was given that the premium per $1,000 was $5.00 and now that he is 60 years old, the premium per $1,000 became $5.90. Therefore, the percent increase from $5.00 to $5.90 would be 18%. Hope this is the answer that you are looking for.