Using the chain ratio method estimate the market potential, Ask an Expert

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Using the chain ratio method, estimate the market potential for life insurance in the military (active duty and veterans) market for a country. Assume that there are 24,300,000 veterans. Additionally, the number of active duty personel is 1,042,189. The percentage of the population that has life insurance is 30%. Also assume the average price for a for life insurance is $2,000 and veterans and active duty personnel will purchase only one life insurance policy.

The number of buyeres in the market can be estimated as ________ (round to nearest whole number)

The marked demand is estimated as _________ thousand. (round to nearest whole number)

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