The cash value of Jim's policy at 15 years and 25 years are equal to $9,000 and $51,000 respectively.
How to calculate the cash value of Jim's policy?
From the table shown in the image attached below, we can deduce that the cash value per unit for 15 years is given as:
15 years = $160.00 per unit.
Next, we would divide the face value of the policy by 1000:
Number of units = 150,000/1000
Number of units = 150.
Now, we can determine the cash value:
Cash value = 150 × 160
Cash value = $9,000.
The cash value per unit for 25 years is given as:
25 years = $340.00 per unit.
Next, we would divide the face value of the policy by 1000:
Number of units = 150,000/1000
Number of units = 150.
Now, we can determine the cash value:
Cash value = 150 × 340
Cash value = $51,000.
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