The following table gives annual life insurance premiums per $1,000 of face value. Use the table to determine the face value of a 10-year term insurance policy on a 24-year-old male given that the annual premium for the insurance
policy is $359.25. If need be, round your answer to the nearest cent.
Term Insurance
5-Year Term
10-Year Term
Age
Male Female Male Female
20
21
22
23
24
25
$2.43
2.49
2.55
2.62
2.69
2.77
$2.07
2.15
2.22
2.30
2.37
2.45
$4.49
4.57
4.64
4.70
4.79
4.85
$4.20
4.29
4.36
4.42
4.47
4.51
a. $75,000
b. $79,656.32
c. $80,369.13
d. $76,436.17