Answer:
Amount of annual premium = $937.5
Explanation:
Given:
Total amount of insurance coverage = $50,000
Rate of premium = $18.75 per $1,000 Insurance coverage
Find:
Amount of annual premium
Computation:
Amount of annual premium = Total amount of insurance coverage [18.75/1,000]
Amount of annual premium = 50,000[18.75/1,000]
Amount of annual premium = 50[18.75]
Amount of annual premium = $937.5
