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The Canadian Dominion life insurance company typically uses a modal factor of .09 to adjust annual premiums to monthly premiums for its life insurance contracts.

The Canadian Dominion life insurance company typically uses a modal factor of .09 to adjust annual premiums to monthly premiums for its life insurance contracts. Harley bought a universal life insurance policy with Canadian Dominion with a planned annual premium of $1,200. If Harley decided to pay his premium monthly, rather than annually, how much would he be expected to pay each month?

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