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A 15-year term life insurance policy requires premiums of $45 per month. The first payment is made ...

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A 15-year term life insurance policy requires premiums of $45 per month. The first payment is made ...

A 15-year term life insurance policy requires premiums of $45 per month. The first payment is made on the day that the policy is written. The insurance company immediately pays $4,000 into a fund to cover potential claims and this money cannot be recovered by the company. Using an interest rate of 6.6% compounded monthly, what is the present value of the policy to the insurance company?

▸ $9,162.26

▸ $5,133.39

▸ $1,836.21

▸ $1,161.62

▸ $844.60

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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