Subjects finance

Annual Premium 3Fd40F

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1. **State the problem:** Henry, a 41-year-old male, bought a $100,000, 10-year life insurance policy. We need to find his annual life insurance premium using the given table. 2. **Identify the relevant data:** From the table, for a male aged 40–44 with a 10-year policy, the annual premium per $1000 of coverage is $5.78. 3. **Formula:** Annual premium = (Coverage amount / 1000) \times Premium rate per $1000 4. **Calculate:** Coverage amount = 100,000 $$\text{Annual premium} = \frac{100,000}{1000} \times 5.78 = 100 \times 5.78$$ 5. **Simplify:** $$100 \times 5.78 = 578$$ 6. **Answer:** Henry's annual life insurance premium is **578**. 7. **Additional info:** Since Henry is paid biweekly, if needed, the biweekly premium can be calculated by dividing the annual premium by 26 (number of biweekly periods in a year), but the question only asks for the annual premium.