Hi. I have a few math questions I need some help with.

Hamid Husain took out a $50,000, 5-year term policy at age 50. The premium per $1,000 was $4.80. He will be 55 years old this year. The premium per $1,000 will be $6.58. What is the percent increase?

MY ANSWER 37.0833% (not sure if I need to round this)

Shonetta Woods has a limited payment insurance policy with an annual premium of $1,125.00 until age 65. She pays the premium quarterly at an increased rate of 26.2 percent per quarter. How much money can Shonetta save in one year by paying the premium annually?

MY ANSWER $54

Jarell Tarver purchased a $2000 bond at the quote dprice of 75 1/2. The bond paid interest at a rate of 6%. What is the annual interest?

MY ANSWER $120

Are my answers correct? Thank you!!

1. % Increase = (6.58-4.80)*100/4.80 = 37.083

2. 1125 + 0.262*1125 = $1419.75

1419.75 - 1125 = $294.75 Saved when paid
annually.

Let's go through each question step by step to check your answers:

1. Hamid Husain's premium per $1,000 increased from $4.80 to $6.58. To find the percent increase, we can use the formula:

Percent Increase = ((New Value - Old Value) / Old Value) * 100

Applying this formula to the given values:

Percent Increase = (($6.58 - $4.80) / $4.80) * 100
Percent Increase = ($1.78 / $4.80) * 100
Percent Increase ≈ 37.08% (rounded to two decimal places)

So your answer of 37.0833% is correct.

2. Shonetta Woods pays the quarterly premium at an increased rate of 26.2 percent per quarter. To find how much money she can save in one year by paying the premium annually, we need to compare the annual payment to the quarterly payments.

The annual premium is $1,125.00. To calculate the quarterly payment, we need to increase the annual premium by 26.2 percent for each quarter:

Quarterly Payment = Annual Premium * (1 + Rate)^Number of quarters
Quarterly Payment = $1,125.00 * (1 + 0.262)^4
Quarterly Payment = $1,125.00 * (1.262)^4
Quarterly Payment ≈ $1,468.68

Shonetta can save money by paying the premium annually instead of quarterly. The amount she can save in one year by paying the premium annually is:

Savings = (Quarterly Payment - Annual Premium) * Number of quarters
Savings = ($1,468.68 - $1,125.00) * 4
Savings ≈ $1,394.72

So your answer of $54 is incorrect. The correct answer is approximately $1,394.72.

3. For Jarell Tarver's bond, the quoted price is given as 75 1/2. To calculate the annual interest he will receive, we need to find 6% of the bond's value.

Firstly, we have to convert the bond's quoted price to a decimal. 75 1/2 can be expressed as 75.5.

Bond Value = Quoted Price * Face Value
Bond Value = 75.5/100 * $2000
Bond Value = $1510

Now we can calculate Jarell's annual interest:

Annual Interest = Bond Value * Interest Rate
Annual Interest = $1510 * 0.06
Annual Interest = $90.60

So your answer of $120 is incorrect. The correct answer is $90.60.

To recap:
1. The percent increase is approximately 37.08%.
2. Shonetta can save approximately $1,394.72 in one year.
3. Jarell's annual interest is $90.60.

To double-check your answers, let's go through each question and explain how to solve it.

1. To find the percent increase, you need to calculate the difference between the new and old premium per $1,000, and then divide it by the old premium per $1,000. Finally, multiply by 100 to get the percentage.

The difference in premium per $1,000 is $6.58 - $4.80 = $1.78.
The percent increase is (1.78 / 4.80) * 100 = 37.0833%.

Based on your calculation, your answer of 37.0833% is correct. You do not need to round it unless specified in the question.

2. To calculate how much money Shonetta can save by paying the premium annually, you need to compare the total she pays quarterly with the total she would pay annually.

Shonetta pays quarterly with an increased rate of 26.2% per quarter. To calculate the quarterly premium, multiply the annual premium of $1,125 by 26.2% (or 0.262).

Quarterly premium = $1,125 * 0.262 = $294.75

To calculate the annual premium, multiply the quarterly premium by 4 (the number of quarters in a year).

Annual premium = $294.75 * 4 = $1,179

To find the amount she can save in a year, subtract the annual premium ($1,179) from the total she pays quarterly ($1,125).

Savings = $1,125 - $1,179 = -$54

Based on your calculation, your answer of $54 is incorrect. The correct answer is -$54, indicating that Shonetta would save $54 by paying the premium annually instead of quarterly. However, negative savings means she would pay less annually.

3. To calculate the annual interest, you need to multiply the bond's face value ($2000) by the interest rate (6%) and divide by 100.

Annual interest = ($2000 * 6) / 100 = $120

Based on your calculation, your answer of $120 is correct.

So, in summary, you have one correct answer for the first question and the last question, but the second question requires correction.