Question

Find the semiannual payment for a 20 year endowpayment policy with face of $25,000 if the annual premium is $22.24 per $1,000

Answer 1

$278

Explanation:

There is an endowpayment policy with face of $25,000 with the annual premium $22.24 per $1000.

So, the annual premium of the endowpayment policy with face of $25,000 will be equal to
`(25000)/(1000)* 22.24 = 556` dollars.

And the semi annual payment for this policy will be
`(556)/(2) = 278` dollars. (Answer)