A company is considering two insurance plans with the following types of coverage and premiums: Plan A Plan B Fire/Theft Liability $24000 $34000 $164000 $137000 Monthly Premium $75 $57 Premiums are sold in units. For example, one can buy one unit of plan A insurance for $75.00 per month and receive $24,000.00 in Theft/Fire insurance. Two units of plan A insurance cost $150.00 per month and give $48,000.00 in Theft/Fire insurance. The company wants at least $788,000.00 in coverage for Theft/Fire insurance and $4,050,000.00 in coverage for liability insurance. How many units of each plan should be purchased to meet the needs of the company while minimizing cost? The company should purchase ☐ un units of plan A and What is the minimum monthly premium for the company? units of plan B. (Note: your answer is a dollar amount and should include a dollar symbol).
A company is considering two insurance plans with the following types of coverage and premiums: Plan A Plan B Fire/Theft Liability $24000 $34000 $164000 $137000 Monthly Premium $75 $57 Premiums are sold in units. For example, one can buy one unit of plan A insurance for $75.00 per month and receive $24,000.00 in Theft/Fire insurance. Two units of plan A insurance cost $150.00 per month and give $48,000.00 in Theft/Fire insurance. The company wants at least $788,000.00 in coverage for Theft/Fire insurance and $4,050,000.00 in coverage for liability insurance. How many units of each plan should be purchased to meet the needs of the company while minimizing cost? The company should purchase ☐ un units of plan A and What is the minimum monthly premium for the company? units of plan B. (Note: your answer is a dollar amount and should include a dollar symbol).
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Transcribed Image Text:A company is considering two insurance plans with the following types of coverage and premiums:
Plan A Plan B
Fire/Theft
Liability
$24000 $34000
$164000 $137000
Monthly Premium
$75
$57
Premiums are sold in units. For example, one can buy one unit of plan A insurance for $75.00 per month and receive $24,000.00 in Theft/Fire insurance. Two units of
plan A insurance cost $150.00 per month and give $48,000.00 in Theft/Fire insurance. The company wants at least $788,000.00 in coverage for Theft/Fire insurance
and $4,050,000.00 in coverage for liability insurance.
How many units of each plan should be purchased to meet the needs of the company while minimizing cost?
The company should purchase ☐ un
units of plan A and
What is the minimum monthly premium for the company?
units of plan B.
(Note: your answer is a dollar amount and should include a dollar symbol).
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