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Sal has a life insurance policy that will pay his family $38,000 per year if he dies. If interest rates are at 4.0% when the insurance company has to pay, what is the amount of the lump sum that the insurance
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Sal has a life insurance policy that will pay his family $38,000 per year if he dies. If interest rates are at 4.0% when the insurance company has to pay, what is the amount of the lump sum that the insurance company must put into a bank account?

User Thomas Fritz
by
7.8k points

2 Answers

4 votes

Answer:

$950,000

Explanation:

User Laslowh
by
7.5k points
3 votes

Answer:

Explanation:

1.520

User Roman SL
by
8.2k points
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