a man takes out a $5000 life insurance policy at a yearly rate of $29.62 per $1000. What is the yearly Premium?
just multiply 29.62 by 5
Well, I'm not an insurance agent, but I can certainly calculate that for you! Let's see...
The man has a $5000 life insurance policy, and the rate is $29.62 per $1000. So, if we divide $5000 by $1000, we get 5.
Now, we can simply multiply 5 by $29.62 to find the yearly premium. So, let me grab my calculator... (humming) and the answer is...
$148.10!
So, the yearly premium for the $5000 life insurance policy is approximately $148.10. Just don't try to pay it in laughs – insurance companies usually prefer actual money!
To calculate the yearly premium for the life insurance policy, we first need to determine the total cost for the $5000 policy at a rate of $29.62 per $1000.
Step 1: Calculate the cost per $1000.
The rate is $29.62 per $1000, so let's divide the $5000 by $1000 to find out how many $1000 increments are in the policy amount:
$5000 / $1000 = 5
Step 2: Calculate the cost of the policy.
Now, multiply the number of $1000 increments (5) by the cost per $1000 ($29.62):
5 * $29.62 = $148.10
The yearly premium for the life insurance policy is $148.10.
To find the yearly premium, we need to calculate the cost of the $5000 life insurance policy at the given rate.
First, let's calculate the cost per $1000: $29.62.
Since the policy is for $5000, we need to multiply the cost per $1000 by 5: $29.62 * 5 = $148.10.
Therefore, the yearly premium for the $5000 life insurance policy is $148.10.