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Help Save & Exit MC Qu. 175 On May 1, a two-year insurance policy was... On May 1, a two-year insurance policy was purchased
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Answer #1

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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