Question
The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund
The following table shows the average life expectancies in several countries. Assume that all premiums you calculate are based on end-of-month deposits in a fund yielding 5.8% annual interest compounded monthly to be paid out when a person reaches the life expectancy. HINT [See Example 2.] Country Japan Canada U.K. U.S. Mexico China India Life Expectancy: Male 80 80 79 76 73 74 64 Life Expectancy: Female 87 84 83 81 79 77 68 Calculate the life insurance monthly premium that a 50-year-old female in Japan would pay for a $4,000,000 policy. (Round your answer to the nearest cent.) $
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