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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 4.8% 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 | 81 | 80 | 80 | 76 | 73 | 75 | 70 |
| Life Expectancy: Female | 87 | 84 | 83 | 81 | 79 | 80 | 72 |
Calculate the life insurance monthly premium that a 30-year-old female in Japan would pay for a $7,000,000 policy. (Round your answer to the nearest cent.)
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