The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 6.8% annual interest compounded monthly to be paid out when a person reaches the life expectancy. HINT [See Example 2.] Country Japan Canada U.K. U.S. Mexico China India Life Expectancy: Male 80 80 79 76 73 74 64 Life Expectancy: Female 87 84 83 81 79 77 68 Calculate the life insurance monthly premium that a 40-year-old female in Japan would pay for a $5,000,000 policy. (Round your answer to the nearest cent.)

The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 6.8% annual interest compounded monthly to be paid out when a person reaches the life expectancy. HINT [See Example 2.] Country Japan Canada U.K. U.S. Mexico China India Life Expectancy: Male 80 80 79 76 73 74 64 Life Expectancy: Female 87 84 83 81 79 77 68 Calculate the life insurance monthly premium that a 40-year-old female in Japan would pay for a $5,000,000 policy. (Round your answer to the nearest cent.)

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

Chapter6: Exponential And Logarithmic Functions

Section: Chapter Questions

Problem 8RE: Suppose an investment account is opened with aninitial deposit of 10,500 earning 6.25...

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Question

Country	Japan	Canada	U.K.	U.S.	Mexico	China	India
Life Expectancy: Male	80	80	79	76	73	74	64
Life Expectancy: Female	87	84	83	81	79	77	68

Calculate the life insurance monthly premium that a 40-year-old female in Japan would pay for a $5,000,000 policy. (Round your answer to the nearest cent.)

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