Tomio, age 28, takes out $50,000 of straight-life insurance. His annual premium is $418.20. Using the tables found in the textbo

Question

Virty [35]

2 years ago

12

Tomio, age 28, takes out $50,000 of straight-life insurance. His annual premium is $418.20. Using the tables found in the textbo

ok, determine the cash value of his policy at the end of 20 years.
A. $26,500
B. $30,000
C. $13,250
D. $26,000

Mathematics

2 answers:

Setler79 [48] · Answer 1 · 2023-04-18T05:03:37+03:00

Setler79 [48]2 years ago

7 0

Answer:

C. 13250

Step-by-step explanation:

olya-2409 [2.1K] · Answer 2 · 2023-04-18T03:19:09+03:00

Tomio, age 28, takes out $50,000 of straight-life insurance. His annual premium is $418.20. Using the tables found in the textbook, determine the cash value of his policy at the end of 20 years.

A. $26,500
B. $30,000
C. $13,250
D. $26,000

50,000/1,000 = 50
265*50 = $13,250

So the cash value of this policy is $13,250

The correct answer is:
C. $13,250