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To determine the total amount Nikos will pay for his 20-year life insurance policy, we need to consider the information given:
- Coverage amount: \[tex]$300,000. - Nikos's age: 39. - Annual premium per \$[/tex]1,000 of coverage for a 20-year term for a male aged 35-39: \[tex]$10.33. We will follow these steps: 1. Calculate the annual premium. 2. Calculate the total premium over the 20-year term. ### Step 1: Calculate the Annual Premium We know the annual premium rate per \$[/tex]1,000 of coverage for Nikos is \[tex]$10.33. Therefore, we must first determine how many units of \$[/tex]1,000 are in \[tex]$300,000: \[ \text{Number of \$[/tex]1,000 units} = \frac{\[tex]$300,000}{\$[/tex]1,000} = 300
\]
Next, we multiply the number of units by the annual premium per \[tex]$1,000: \[ \text{Annual premium} = 300 \times \$[/tex]10.33 = \[tex]$3,099.00 \] ### Step 2: Calculate the Total Premium Over 20 Years To find the total amount paid over the 20-year term, we simply multiply the annual premium by the number of years in the term: \[ \text{Total premium} = \$[/tex]3,099.00 \times 20 = \[tex]$61,980.00 \] ### Final Answer Nikos will pay a total amount of \$[/tex]61,980.00 for 20 years of coverage.
This thorough process ensures that we account for all necessary details to determine the total cost of the life insurance policy accurately.
- Coverage amount: \[tex]$300,000. - Nikos's age: 39. - Annual premium per \$[/tex]1,000 of coverage for a 20-year term for a male aged 35-39: \[tex]$10.33. We will follow these steps: 1. Calculate the annual premium. 2. Calculate the total premium over the 20-year term. ### Step 1: Calculate the Annual Premium We know the annual premium rate per \$[/tex]1,000 of coverage for Nikos is \[tex]$10.33. Therefore, we must first determine how many units of \$[/tex]1,000 are in \[tex]$300,000: \[ \text{Number of \$[/tex]1,000 units} = \frac{\[tex]$300,000}{\$[/tex]1,000} = 300
\]
Next, we multiply the number of units by the annual premium per \[tex]$1,000: \[ \text{Annual premium} = 300 \times \$[/tex]10.33 = \[tex]$3,099.00 \] ### Step 2: Calculate the Total Premium Over 20 Years To find the total amount paid over the 20-year term, we simply multiply the annual premium by the number of years in the term: \[ \text{Total premium} = \$[/tex]3,099.00 \times 20 = \[tex]$61,980.00 \] ### Final Answer Nikos will pay a total amount of \$[/tex]61,980.00 for 20 years of coverage.
This thorough process ensures that we account for all necessary details to determine the total cost of the life insurance policy accurately.
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