The potential market represents all active duty military​ members, all​ veterans, and their families. Assume that according to the United States Department of​ Defense, as of December​ 31, 2014 there were 1 comma 361 comma 183 active duty personnel in all armed services. The veteran population totaled 21 million at the end of 2014. Assuming the average cost of life insurance is ​$750 per year and that potential customers purchase one policy per​ year, use the chain ratio method to calculate the market potential for life insurance in the military market. The number of buyers in the market can be estimated as nothing. ​(Round to the nearest whole​ number.)

Respuesta :

Answer:

22,361,183.

Explanation:

Given that,

Active duty personnel in all armed services = 1,361,183

Veteran population at the end of 2014 = 21,000,000

Average cost of life insurance = ​$750 per year

No. of buyers in the market:

= Total Active duty personnel in all armed services + Total Veteran population at the end of 2014

= 1,361,183 + 21,000,000

= 22,361,183

Therefore, the number of buyers in the market can be estimated as 22,361,183.