Question

It’s a fill in the blank
Tom Harris is twenty-four. He purchases $15,000 of ten year term insurance,

a. semi-annually
$31.13
$31.75
$62.25

b. quarterly
$15.56
$16.19
$14.94

c. monthly
$5.19
$6.23
$5.60

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Answer 1

I will demonstrate how to do the first choice and leave the others as an exercise for future students

24, 10-year insurance ---> using the table brings us to 4.15

since this represents the premium per 1,000, and he purchased 15, multiply the premium by 15

now, looking at the bottom of the table, for semi-annual values it says to take 51% of this value, so simply multiply what we have so far by .51