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 4.8% 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 81 80 80 80 76 16 73 15 75 70 Life Expectancy: 87 84 83 81 79 80 72 Female Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $8,000,000 policy. (Round your answer to the nearest cent.) $

Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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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 4.8% 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
81
80
80
80
76
16
73
15
75
70
Life
Expectancy:
87
84
83
81
79
80
72
Female
Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $8,000,000 policy. (Round
your answer to the nearest cent.)
$
Transcribed Image Text: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 4.8% 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 81 80 80 80 76 16 73 15 75 70 Life Expectancy: 87 84 83 81 79 80 72 Female Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $8,000,000 policy. (Round your answer to the nearest cent.) $
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