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Randy is getting ready to rent an apartment near his work. The value of the belongings in the apartment is about [tex]$22,000, and his unit is located in a mixed composition, suburban apartment complex. If Randy wishes to insure his belongings while renting, how much will he have to pay for insurance per year?

| Area | Brick | | Steel | | Mixed | | Wood | |
| Rating | Building | Contents | Building | Contents | Building | Contents | Building | Contents |
|---------|----------|----------|----------|----------|----------|----------|----------|----------|
| City | 0.39 | 0.43 | 0.5 | 0.54 | 0.55 | 0.65 | 0.66 | 0.76 |
| Suburb | 0.45 | 0.52 | 0.56 | 0.63 | 0.72 | 0.74 | 0.83 | 0.85 |
| Rural | 0.6 | 0.69 | 0.71 | 0.8 | 0.89 | 0.91 | 1 | 1.02 |

A. $[/tex]150.00
B. [tex]$107.50
C. $[/tex]178.65
D. $162.80

Sagot :

GinnyAnswer
To determine how much Randy will have to pay for insurance per year for his belongings, we need to follow these steps:

1. Identify the Value of the Belongings:
Randy's belongings amount to \[tex]$22,000. 2. Determine the Annual Premium Rate: Since Randy's apartment is located in a suburban area and the complex has a mixed composition, we need to refer to the annual premium rates specified for a suburban, mixed composition. According to the table, the annual premium per \$[/tex]100 of coverage for contents in this category is \[tex]$0.74. 3. Calculate the Insurance Cost per Year: We will use the formula: \[ \text{Insurance Cost} = \left( \frac{\text{Value of Belongings}}{100} \right) \times \text{Annual Premium per \$[/tex]100}
\]
Substituting the given values:
[tex]\[ \text{Insurance Cost} = \left( \frac{22,000}{100} \right) \times 0.74 \][/tex]

4. Perform the Calculation:
[tex]\[ \text{Insurance Cost} = 220 \times 0.74 = 162.80 \][/tex]

Therefore, Randy will have to pay \[tex]$162.80 per year for insuring his belongings. Among the options given: - A. \$[/tex]150.00
- B. \[tex]$107.50 - C. \$[/tex]178.65
- D. \[tex]$162.80 The correct answer is D. \$[/tex]162.80.
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