Reynaldo is a landlord who owns several rental homes. One all-wood home in the suburbs is worth [tex]$95,000. Because the renters insure their own belongings, what is the premium Reynaldo pays for property insurance per year?

| Area | Brick | Steel | Mixed | Wood |
|--------|--------|--------|--------|-------|
| City | 0.39 | 0.50 | 0.55 | 0.66 |
| Suburb | 0.45 | 0.56 | 0.72 | 0.83 |
| Rural | 0.60 | 0.71 | 0.89 | 1.00 |

A. $[/tex]950.00
B. [tex]$852.00
C. $[/tex]978.65
D. $788.50

Question

16-06-2024
Mathematics

Answered

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Reynaldo is a landlord who owns several rental homes. One all-wood home in the suburbs is worth [tex]$95,000. Because the renters insure their own belongings, what is the premium Reynaldo pays for property insurance per year?

| Area | Brick | Steel | Mixed | Wood |
|--------|--------|--------|--------|-------|
| City | 0.39 | 0.50 | 0.55 | 0.66 |
| Suburb | 0.45 | 0.56 | 0.72 | 0.83 |
| Rural | 0.60 | 0.71 | 0.89 | 1.00 |

A. $[/tex]950.00
B. [tex]$852.00
C. $[/tex]978.65
D. $788.50

Sagot :

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GinnyAnsweridn GinnyAnsweridn · Answer 1 · 2024-06-16T23:09:26-04:00

To determine the premium Reynaldo pays for property insurance per year, let's follow the steps based on the given information.

1. Identify the home’s value: Reynaldo’s all-wood home in the suburbs is valued at \[tex]$95,000. 2. Find the applicable premium rate: From the provided table, locate the premium rate for an all-wood building in the suburb area. According to the table, the annual premium per \$[/tex]100 of coverage for an all-wood building in the suburbs is \[tex]$0.83. 3. Calculate the basic premium: - The home’s value is \$[/tex]95,000.
- The annual premium rate is \[tex]$0.83 per \$[/tex]100 of coverage.

4. Determine the premium per year:
- First, calculate how many units of \[tex]$100 are in the home's total value: \[ \frac{\$[/tex]95,000}{\[tex]$100} = 950 \] - Then, multiply the number of units by the premium rate: \[ 950 \times 0.83 = 788.5 \] Thus, the premium Reynaldo pays for property insurance per year is $\$[/tex]788.50$.

So, the correct answer is:

D. [tex]$\$788.50$[/tex]

Sagot :

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