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3 years ago

Alicia Bitman, age 30, plans to purchase a $200,000, 5-year term life insurance policy. What is the annual premium?

Mathematics

1 answer:

zhenek [66]3 years ago

4 0

Answer: $770

Step-by-step explanation:

Number of units to be purchased by Alicia:

= 200,000 / 1,000

= 200 units

Alicia is purchasing a 5-year term life insurance policy. At age 30, the cost per $1,000 unit of insurance is $3.85 for a female.

The formula for the annual premium is:

= Number of units purchased * Premium per $1,000

= 200 * 3.85

= $770

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