16. Calculate the annual cost per thousand of a $155,000 term life insurance policy that costs $220/year; to a four year $9,700 credit life policy that charges a lump sum premium of $240. What is cost per $1,000 for the (1) term life insurance and the (2) credit life insurance policy? $1.42 per $1,000; $6.19 per $1,000 $1.05 per $1,000; $24.17 per $1,000 $0.92 per $1,000; $2.03 per $1,000 $0.87 per $1,000; $4.97 per $1,000