Homework Answers
Ans. Option 1st $11,200
Calculations:
Insurance policy was purchased for 2 years and we need to find out the amount of insurance expenses for only 8 months (1May - 31 December).
Insurance expenses for 1 year = Insurance policy / 2 years
= $33,600 / 2
= $16,800
*Number of months in a year is 12 and we are required the calculation for 8 months, the calculation would be as follows:
Insurance expenses = Insurance expenses for 1 year /12 months * 8 months
$16,800 / 12 * 8
= $11,200
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