The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 4.8% annual interest compounded monthly to be paid out when a person reaches the lifeexpectancy. HINT [See Example 2.]Country Japan Canada U.K. U.S. Mexico China IndiaLife$Expectancy: 81MaleLifeExpectancy:Female87808480837681737975807072Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $3,000,000 policy. (Round your answer to the nearest cent.)

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The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 4.8 expectancy. HINT [See Example 2.] Country Japan Life Expectancy: Male Life Expectancy: Female 81 87 Canada U.K. 80 84 80 83 U.S. Mexico China 76 81 73 79 75 80 India 70 72 Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $3,000,000 policy. (Round your answer to the nearest cent.)

The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 4.8 expectancy. HINT [See Example 2.] Country Japan Life Expectancy: Male Life Expectancy: Female 81 87 Canada U.K. 80 84 80 83 U.S. Mexico China 76 81 73 79 75 80 India 70 72 Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $3,000,000 policy. (Round your answer to the nearest cent.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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