Exercise 3:• Referring to the Mortality Rate Table, answer the following questions basedon this scenario. Miss Farah, aged 37, purchases a three-year term insurancepolicy with a coverage of RM500,000. Assume an investment return of 6%,and ignore other expenses (administrative and profit loading)•(a) Compute the single premium that should be paid by Miss Farah• (b) Compute the level premium of a three-year term policy

It is given that Coverage of RM500,000.

Answered: tality Rate Table, answer the f Farah,…

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tality Rate Table, answer the f Farah, aged 37, purchases a th of RM500.000 Assume an inv

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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Question 1 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. a) What is the implied per annual simple interest rate for her purchasing (expressed as a percentage and rounded to three decimal places)? Select one: a. 0.076 b. 0.032 c. 0.031 d. 0.088 Question 2 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest rate. b) What is her selling price (rounded to four decimal places)? Select one: a. 98740.2903 b. 98634.0935 c. 98846.7161 d. 99317.7280 Question 3 Today is 22th March 2020. Jane just purchased a 180-day $100,000 bank bill at a simple interest rate. The purchase price is $98,500. She sold this bank bill on 24th May 2020 at 3.98% p.a. simple interest…
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