Dave's Family Restaurant is paying 100% of the cost oflife insurance premiums for his 50 regular employees.Assume:

It is a policy that pays a benefit of $150,000.00 to the family of any employee who dies; and

The actuaries assume 1 of the employees might die each 8 years; and

To cover its costs of doing business AND make a small profit the insurance company will charge 12% MORE than the basic cost of providing the benefit.

Calculate theMONTHLYcost of thePREMIUMSpaid by Dave.SHOW YOUR CALCULATIONS