(Answered) Suppose you are 47 and have a 270000 face amount 13-year

Economics

Suppose you are 47 and have a $270,000 face amount, 13-year, limited-payment, participating policy (dividends will be used to build up the cash value of the policy). Your annual premium is $945. The cash value of the policy is expected to be $10,800 in 13 years. Using time value of money and assuming you could invest your money elsewhere at an annual yield of 6 percent, calculate the net cost of insurance. Use Exhibit 1-B. (Do not round intermediate calculations. Round time value factor to 3 decimal places and final answer to the nearest whole number.)

Net cost of insurance:

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