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OpenStudy (tylermckinney16):
Questions here.
OpenStudy (tylermckinney16):
@Directrix
OpenStudy (mathmale):
Please get started. Ignore the 5-year terms; focus on the 10-year terms. Find the "female" column and ignore the other 3 columns. Find the row that indicates an age of 31. What is the premium? Where do the row and the column intersect?
Directrix (directrix):
@TylerMckinney16
Look at the chart and see if you can find the answer.
Attached
OpenStudy (tylermckinney16):
6.13?
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Directrix (directrix):
The intersection occurs at $5.79.
The chart states that these are rates for $1000 of face value. The face value of the policy is $ 300,000. I am wondering if we are supposed to multiply $ 5.79 times 300 to get the answer.
OpenStudy (tylermckinney16):
$173700
Directrix (directrix):
Here is what I read:
Annual Premium = (Amount of Coverage divided by $1,000) * Rate
300,000 / 1000 = 300
300 * 5.79 = $1737 as her annual premium
Directrix (directrix):
>>$173700
Decimal point missing or too many 0s
$1737 or 1737.00
OpenStudy (tylermckinney16):
So that right there is the answer?
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