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Sagot :
The ordinary whole life will mature after 57 years. Then the annual premium (AP) and the semiannual premium will be $ 438.60 and $219.30.
What is an ordinary whole life?
A whole life insurance policy in which the premiums are paid for the duration of the insured's life. The contract somehow doesn't mature until the designated insured achieves the age of 100 or dies, whatever comes first.
Richard Henry takes out $25,000 of his ordinary whole life when he is forty-three years old.
The ordinary whole life will mature after 57 years.
Then the annual premium (AP) will be
[tex]\rm AP = \dfrac{\$ 2 5000}{57}\\\\AP =\$ 438.60[/tex]
Then the semiannual premium (SAP) will be
[tex]\rm SAP = \dfrac{\$ 2 5000}{57 \times 2}\\\\SAP =\$ 219.30[/tex]
More about the ordinary whole life link is given below.
https://brainly.com/question/8283523
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