The following table gives annual life insurance premiums per $1,000 of face value. Use the table to determine the face value of a 10-year term insurance policy on a 24-year-old male given that the annual premium for the insurance policy is $359.25. If need be, round your answer to the nearest cent.
A 5-column table with 6 rows titled Term Insurance. Column 1 is labeled Age with entries 20, 21, 22, 23, 24, 25. Column 2 is labeled 5-year term male (dollars) with entries 2.43, 2.49, 2.55, 2.62, 2.69, 2.77. Column 3 is labeled 5-year term female (dollars) with entries 2.07, 2.15, 2.22, 2.30, 2.37, 2.45. Column 4 is labeled 10-year term male (dollars) with entries 4.49, 4.57, 4.64, 4.70, 4.79, 4.85. Column 5 is labeled 10-year term female (dollars) with entries 4.20, 4.29, 4.36, 4.42, 4.47, 4.51.
a.
$75,000
c.
$80,369.13
b.
$79,656.32
d.
$76,436.17