To determine the cheapest annual premium for a whole life insurance policy with a face value of \[tex]$90,000 for Jeremy, who is 29 years old, we can follow these steps:
1. Identify the rate: From the given table, find the annual premium per \$[/tex]1000 of face value for a 29-year-old male under the "Whole Life" category. According to the table, this rate is \[tex]$18.25 per \$[/tex]1000 of face value.
2. Calculate the premium for \[tex]$90,000:
- First, determine how many units of \$[/tex]1000 are in \[tex]$90,000.
\[
\frac{90,000}{1,000} = 90
\]
- Next, calculate the annual premium by multiplying the number of units by the rate per unit:
\[
\text{Annual premium} = 90 \times 18.25 = 1642.5
\]
3. Match the result with the choices: From the provided answer choices,
a. \$[/tex]1,825
b. \[tex]$1,294
c. \$[/tex]1,929
d. \[tex]$1,643
The calculated annual premium of \$[/tex]1,642.50 is closest to choice d: \[tex]$1,643.
Therefore, the correct answer is:
d. \$[/tex]1,643
