Question

Jenny, a 31 year old female, bought a $135,00, 20-year life insurance policy through her employer. Jenny is paid semimonthly. How much is deducted from each of her paychecks for life insurance (use the table)

A.$18.28
B.$21.49
C.$32.85
D.$44.60

Answer 1

C.$32.85
Jenny pays 5.84 per 1000 of coverage. 135000/1000 = 135.
135*5.84 = 788.40 total annual premium.
semi-monthly is 24 payments for a year (12*2).
788.40/24 = 32.85