Question

Insurance Premiums, An Insurance company has a simplified method for determining the annual premium for a turn life insurance policy. A flat annual fee of $150 is charged for all policies plus $2.50 for each thousand dollars of the amount of the policy. For example, a $20,000 policy would cost $150 for the fixed fee plus $50, which corresponds to the face value of the policy. If p equals the annual premium in dollars and x equals the face value of the policy (stated in thousands of dollars), determine the function which can be used to compute annual premiums.​

Answer 1

Answer:

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Explanation:

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Answer 2

Answer:

Explanation:

P= annual premium in dollars

x= face value of the policy (thousands)

$150 for a premium insurance

$2.5 for each thousand dollars

P = 150 + (x/1000 × 2.5)

P = 150 + x/400  

P = 150 + 20000/400          put  (x=20000)

P = 150 + 50  

P = 200