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16 January, 08:09

Tomio, age 28, takes out $50,000 of straight-life insurance. His annual premium is $418.20. Using the tables found in the textbook, determine the cash value of his policy at the end of 20 years.

A. $26,500

B. $30,000

C. $13,250

D. $26,000

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  1. 16 January, 08:33
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    Tomio, age 28, takes out $50,000 of straight-life insurance. His annual premium is $418.20. Using the tables found in the textbook, determine the cash value of his policy at the end of 20 years.

    A. $26,500

    B. $30,000

    C. $13,250

    D. $26,000

    50,000/1,000 = 50

    265*50 = $13,250

    So the cash value of this policy is $13,250

    The correct answer is:

    C. $13,250
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