Answered: determine the function which can be…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Insurance Premiums, An Insurance company has a simplified method for determining the annual premium for a turn life insurance policy. A flat annual fee of $150 is charged for all policies plus $2.50 for each thousand dollars of the amount of the policy. For example, a $20,000 policy would cost $150 for the fixed fee plus $50, which corresponds to the face value of the policy. If p equals the annual premium in dollars and x equals the face value of the policy (stated in thousands of dollars), determine the function which can be used to compute annual premiums.

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