Answer:
Face value of policy Annual Premium
$35,000 $324.45
$70,500 $2351.88
$500,000 $8930.00
Step-by-step explanation:
Face value of policy Cost per $1,000
$35,000 $9.27
$70,500 $33.36
$500,000 $17.86
Annual premium [tex]=\dfrac{\text{Premium}}{1000}\times\text{Face Value}[/tex]
Annual premium [tex]=\dfrac{9.27}{1000}\times35000[/tex]
[tex]=\$324.45[/tex]
Annual premium [tex]=\dfrac{33.36}{1000}\times70500[/tex]
[tex]=\$2351.88[/tex]
Annual premium [tex]=\dfrac{17.86}{1000}\times500000[/tex]
[tex]=\$8930.00[/tex]
Below table shown annual premium for respective face value.
Face value of policy Annual Premium
$35,000 $324.45
$70,500 $2351.88
$500,000 $8930.00
