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A life insurance company is calculating the monthly premium that it will offer clients as an ...

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A life insurance company is calculating the monthly premium that it will offer clients as an ...

A life insurance company is calculating the monthly premium that it will offer clients as an alternative to paying the full annual premium. With both alternatives, premiums are payable at the beginning of the period of coverage. If the monthly payment by preauthorized cheque is calculated to yield the insurance company 10% compounded semiannually on the unpaid balance of the annual premium, what should be the monthly premium per $100 of annual premium?

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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