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6 32% of the monthly earnings between $907 and $4,283 15% of the monthly earnings over $4,283 Reina purchased a whole life insurance policy
6 32% of the monthly earnings between $907 and $4,283 15% of the monthly earnings over $4,283 Reina purchased a whole life insurance policy with an annual premium of $1,145. In the first year, 40% of the annual premium is allocated to the insurance component and 60% to the investment component. The investment earns 2.65% interest, compounded annually. How much will Reina have in the investment portion of her policy after two years?
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Financial Markets and Institutions
Authors: Anthony Saunders, Marcia Cornett
6th edition
9780077641849, 77861663, 77641841, 978-0077861667
