Calculate the cash surrender value for Lee Chin, age 38, who purchased a $250,000 20-year endowment policy. At the end of year 15, Lee stopped paying premiums. (Use Table 20.2.)

Cash surrender value $

TABLE 20.2 Nonforfeiture options based on $1,000 face value STRAIGHT LIFE 20-PAYMENT LIFE 20-YEAR ENDOWMENT Years insurance policy in Cash paid-up EXTENDED TERM EXTENDED TERM EXTENDED TERM Amount of Amount of Amount of Cash paid-up Cash paid-up value insurance Years Dayvalueinsurance Years Day value insurance Years Day 140 160 300 Life force 29 96 148 265 Option I: Cash valu 86 259 371 550 18 20 2l 76 165 300 71 186 317 475 220 521 781 1,000 19 28 32 190 195 176 Life 1,000 92 319 610 229 520 790 1,000 23 30 35 20 Option 2: Reduced paid-up insurance Option 3: Extended term insurance $200,000 $1,000 $200,000 200 $148 = $29,600 200 $371 = $74,200 Bob could continue this $200,000 policy for $1,000 20 years and 165 days