Mathematics

11 July, 11:28

A 50-year-old male purchased a 20-Year Endowment insurance policy at the age of 40. The face value of the policy was $85,000. He asks his insurance agent for a reduced paid up insurance nonforfeiture option. Given the table below and the permanent insurance amount of $48.20 per thousand, determine the reduced paid up insurance value and the annual premium.

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