Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Oct 25, 2021

For every insurance policy Mr. Lorenzo sold, he receives 20% of the first payment of his customer, and 8.5% of the second and third

For every insurance policy Mr. Lorenzo sold, he receives 20% of the first payment of his customer, and 8.5% of the second and third payments. If the annual payment on a transacted policy is 124,000, how much income will he receive from this transaction?

Step by Step Solution

★★★★★

3.47 Rating (160 Votes )

There are 3 Steps involved in it

Step: 1

If there is any doubt feel free to ask Guven the first payement of customer s 1... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Engineering Mathematics

Authors: ERWIN KREYSZIG

9th Edition

0471488852, 978-0471488859

More Books

Students also viewed these Mathematics questions

Question

★★★★★

How does medical payments coverage under an auto insurance policy work? Why is medical payments coverage valuable even if you have a good health insurance plan?

Answered: 1 week ago

Question

★★★★★

How much will profits increase for every unit sold over the break-even point?

Answered: 1 week ago

Question

★★★★★

Insurance companies collect annual payments from homeowners in exchange for paying to rebuild houses that burn down. a) Why should you be reluctant to accept a $300 payment from your neighbor to...

Answered: 1 week ago

Question

★★★★★

How does the trade-off between decision management and decision control affect the form that an absorption cost system takes within a particular firm?

Answered: 1 week ago

Question

★★★★★

On July 2, Mrs. N received a notice assessing a $10,861 tax deficiency plus $1,900 interest (computed through the date the IRS mailed the notice). She was short of funds, so she did not pay her tax...

Answered: 1 week ago

Question

★★★★★

Jeanie acquires an apartment building in 2009 for $280,000 and sells it for $480,000 in 2020. At the time of sale there is $60,000 of accumulated straight-line depreciation on the apartment building....

Answered: 1 week ago

Question

★★★★★

discuss the models practical implications for job (re)design.

Answered: 1 week ago

Question

★★★★★

Stew is a self-employed surfboard-maker in 2014. His Schedule C net income is $104,000 for the year. He also has a part-time job and earns $8,500 in wages subject to FICA taxes. Calculate Stews...

Answered: 1 week ago

Question

★★★★★

The following table shows annual rates for various types of loans in 2 0 2 1 . Assume monthly payments and compounding periods. HINT [ See Examples 5 and 7 . ] Loan Type 3 0 - Year Mortgage 1 5 -...

Answered: 1 week ago

Question

★★★★★

1. What opportunities did Melissa identify, and how did she capitalize on those opportunities? 2. How did Melissas background help her identify and tackle the problems she discovered in the beauty...

Answered: 1 week ago

Question

★★★★★

Wine and Roses Incorporated, offers a bond with a coupon of 8.0 percent with semiannual payments and a yield to maturity of 8.78 percent. The bonds mature in 5 years. What is the market price of a...

Answered: 1 week ago

Question

★★★★★

Develop an M-file to solve a single ODE with the fourth-order RK method. Design the M-file so that it creates a plot of the results. Test your program by using it to solve Prob. 22.2. Employ a step...

Answered: 1 week ago

Question

★★★★★

If the row variable and column variable are interchanged, how are the expected frequencies affected? Is the value of the chi-square statistic affected? Is the number of degrees of freedom affected?

Answered: 1 week ago

Question

★★★★★

The position of a person pacing in a hall is given by the $x(t)$ curve in Figure P3.6. During which time interval(s) is the acceleration (a) positive (b) negative? (c) Is the acceleration ever zero...

Answered: 1 week ago

Question

★★★★★

For the circuit shown in Fig. 12-47, (a) Obtain the voltage transfer function Hu(w) (b) Find the frequency at which the function is real. + V ww R R Fig. 12-47 F V

Answered: 1 week ago

Question

★★★★★

Write the phasor equation for the single-loop, coupled circuit shown in Fig. 14-38. j5 . | 1 k = 0.65 10 0 50/0 V j3 K -j8 .

Answered: 1 week ago

Question

★★★★★

Given the following SQL code snippet: SELECT * FROM Customers WHERE Country = 'USA'; Which statement represents the ENTITY or Table in the above WHERE SELECT CUSTOMERS FROM Question 4 5 Points Given...

Answered: 1 week ago

Question

★★★★★

Test your confidence in the following Project Decisions: SI. # Question 01 02 03 04 05 06 07 08 09 10 How many years did it take to construct the largest Egyptian Pyramid- Pyramid of Cheops? When was...

Answered: 1 week ago

Question

★★★★★

Graph and compare sampling plans with c = 1 and increasing values of n, say, n = 2, 3, 4. (Use the binomial distribution).

Answered: 1 week ago

Question

★★★★★

If a cage contains 100 mice, two of which are male, what is the probability that the two male mice will be included if 12 mice are randomly selected?

Answered: 1 week ago

Question

★★★★★

Rounding for the following matrix A find det A, what happens if you round off the fiven entries to(a) 5S,(b) 4S,(c) 3S,(d) 2S,(e) 1S?What is the practical implication of yourwork? A = 1/4 1 1/3 -1/9...

Answered: 1 week ago

Question

★★★★★

Name a good you consume for which your income elasticity of demand is positive. What happens when your income increases?

Answered: 1 week ago

Question

★★★★★

You are working as a private math tutor to raise money for a trip during spring break. First explain why the price elasticity of demand for math tutoring might be elastic. Then explain why the price...

Answered: 1 week ago

Question

★★★★★

You are working as a private math tutor to raise money for a trip during spring break. You want to raise as much money as possible. Should you should increase or decrease the price you charge?...

Answered: 1 week ago

Previous Question Next Question