Leo21ffcvb Leo21ffcvb

26-04-2024
Mathematics

Answered

Carlotta purchased a whole life insurance policy with an annual premium of $780. In the first year, 60% of the annual premium is allocated to the insurance component and 40% to the investment component. The investment earns 2.2% interest, compounded annually. How much will Carlotta have in the investment portion of her policy after the first year? Round to the nearest cent

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