Given:
Viola and Al Quillen are both 25-years old. Both want to purchase $250,000, whole life insurance policies.
Required:
To find the annual premium of Viola and Al Quillen.
Explanation:
Annual premium per $ 1000 of life insurance for female is 7.50
Now Voila want to purchase $250,000, whole life insurance policies.
So the premium will be
[tex]\begin{gathered} =\frac{7.50}{1000}\times250000 \\ \\ =7.5\times250 \\ \\ =1875 \end{gathered}[/tex]The annual premium for Viola is $1875.
Now Al Quillen want to purchase $250,000, whole life insurance policies.
So the premium will be
[tex]\begin{gathered} =\frac{9.5}{1000}\times250000 \\ \\ =9.5\times250 \\ \\ =2375 \end{gathered}[/tex]The annual premium for Al Quillen is $2375.
Final Answer:
The annual premium for Viola is $1875.
The annual premium for Al Quillen is $2375.
