A person aged 30 buys a whole life insurance policy with the following death benefits: $50,000 if death occurs between age 30 to 50; $Y if death occurs after age 50. If the net single premium of this policy is $4183.42, what is the value of Y? (to nearest dollar) You are given: A30=0.14271, A020 - 0.02202, Aso=0.30236 A. $18,712 B. $25,540 O C. $10,195 D. $21,599

MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
icon
Related questions
Question
A person aged 30 buys a whole life insurance policy with the following death benefits:
$50,000 if death occurs between age 30 to 50%;
$Y if death occurs after age 50.
If the net single premium of this policy is $4183.42, what is the value of Y? (to nearest dollar)
You are given: A30=0.14271, A020 - 0.02202, Aso=0.30236
O A. $18,712
B. $25,540
C. $10,195
D. $21,599
Transcribed Image Text:A person aged 30 buys a whole life insurance policy with the following death benefits: $50,000 if death occurs between age 30 to 50%; $Y if death occurs after age 50. If the net single premium of this policy is $4183.42, what is the value of Y? (to nearest dollar) You are given: A30=0.14271, A020 - 0.02202, Aso=0.30236 O A. $18,712 B. $25,540 C. $10,195 D. $21,599
Expert Solution
steps

Step by step

Solved in 2 steps

Blurred answer
Recommended textbooks for you
MATLAB: An Introduction with Applications
MATLAB: An Introduction with Applications
Statistics
ISBN:
9781119256830
Author:
Amos Gilat
Publisher:
John Wiley & Sons Inc
Probability and Statistics for Engineering and th…
Probability and Statistics for Engineering and th…
Statistics
ISBN:
9781305251809
Author:
Jay L. Devore
Publisher:
Cengage Learning
Statistics for The Behavioral Sciences (MindTap C…
Statistics for The Behavioral Sciences (MindTap C…
Statistics
ISBN:
9781305504912
Author:
Frederick J Gravetter, Larry B. Wallnau
Publisher:
Cengage Learning
Elementary Statistics: Picturing the World (7th E…
Elementary Statistics: Picturing the World (7th E…
Statistics
ISBN:
9780134683416
Author:
Ron Larson, Betsy Farber
Publisher:
PEARSON
The Basic Practice of Statistics
The Basic Practice of Statistics
Statistics
ISBN:
9781319042578
Author:
David S. Moore, William I. Notz, Michael A. Fligner
Publisher:
W. H. Freeman
Introduction to the Practice of Statistics
Introduction to the Practice of Statistics
Statistics
ISBN:
9781319013387
Author:
David S. Moore, George P. McCabe, Bruce A. Craig
Publisher:
W. H. Freeman