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 5.8% annual interest compounded monthly to be paid out when a person reaches the life expectancy. HINT [See Example 2.] Country Japan Canada U.K. U.S. Mexico China India Life Expectancy: Male Life Expectancy: Female Need Help? 80 Read It 87 80 84 79 76 83 81 73 79 74 77 64 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.) $ 68

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International Bonds

A bond is fixed-income security where a lender comes into a contract with the borrower. The borrower agrees to make payment and interest at a specified date in the future or on maturity period. It is a type of financing that helps to fulfill and meet obligations. Many people invest in bonds because it is a simple form of security.