Question

A 70-year-old male pays $79.79 per month for his term life policy while an 80-year-old pays $349.30 per month. What is the percent of increase in premium costs from age 70 to age 80?

Answer 1

Answer:

337%

Explanation:

Answer 2

The percent of increase in premium costs from age 70 to age 80 is 337.77%.

Percentage based problem:

What information do we have?

Amount paid in 70's age = $79.79

Amount paid in 80's age = $349.30

Extra amount paid in 80's age = $349.30 - $79.79

Extra amount paid in 80's age = $269.51

Percentage increase = [269.51 / 79.79]100

Percentage increase = [3.377]100

Percentage increase = 337.77% (Approx.)

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