Finite Mathematics
7th Edition
ISBN: 9781337280426
Author: Stefan Waner, Steven Costenoble
Publisher: Cengage Learning
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Chapter 2.3, Problem 60E
Life Insurance Exercises 59–64 are based on the following table, which shows the average life expectancies in several countries.21 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 life expectancy. [hinT: See Example 2.]
| Country | Japan | Canada | U.K. | U.S. | Mexico | China | India |
| Life Expectancy: Male | 80 | 80 | 79 | 76 | 73 | 74 | 64 |
| Life Expectancy: Female | 87 | 84 | 83 | 81 | 79 | 77 | 68 |
Calculate the life insurance premium that a 30-year-old male in the United States would pay for a $1,000,000 policy.
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Chapter 2 Solutions
Finite Mathematics
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