6. The annual premium on an insurance policy is $1, 200. First, find the premium per period if p below to find the total annual cost. Premium Factors Modes of Payment Premium Factor Semi-annually 0.51 Quarterly 0.26 Monthly 0.0908 O $1, 201.12 O $1, 307.52 O $1, 424.42 O $1, 342.15
6. The annual premium on an insurance policy is $1, 200. First, find the premium per period if p below to find the total annual cost. Premium Factors Modes of Payment Premium Factor Semi-annually 0.51 Quarterly 0.26 Monthly 0.0908 O $1, 201.12 O $1, 307.52 O $1, 424.42 O $1, 342.15
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:16. The annual premium on an insurance policy is $1, 200. First, find the premium per period if payments are made monthly. Then, use the table
below to find the total annual cost.
Premium Factors
Modes of Payment
Premium Factor
Semi-annually
0.51
Quarterly
0.26
Monthly
0.0908
$1, 201.12
O $1, 307.52
$1, 424.42
O $1, 342.15
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