In Problems 20-52: a. State the type; and (mathbf{b}). Answer the question. A 5-year term insurance policy
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In Problems 20-52:
a. State the type; and \(\mathbf{b}\). Answer the question.
A 5-year term insurance policy has an annual premium of \(\$ 300\), and at the end of 5 years, all payments and interest are refunded. What lump-sum deposit is necessary to equal this amount if you assume an interest rate of 3.5\% compounded annually?
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