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 4.9% annual interest compounded monthly to be paid out when a person reaches the life expectancy. 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 30-year-old male in the United States would pay for a $2,000,000 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 4.9% annual interest compounded monthly to be paid out when a person reaches the life expectancy. 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 30-year-old male in the United States would pay for a $2,000,000 policy. (Round your answer to the nearest cent.

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

ChapterA: Appendix - Time Value Of Cash Flows: Compound Interest Concepts And Applications

Section: Chapter Questions

Problem 15E

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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

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