Insurance Premiums The following table gives the monthly premiums required for a $250,000 term life insurance policy on a 35-year-old female nonsmoker for different guaranteed term periods.
a. Find a quadratic function that models the monthly premium as a function of the length of term for a 35-year-old female nonsmoking policyholder. Report your answer to five decimal places.
b. Assuming that the domain of the function contains integer values between 10 years and 30 years, what term in years could a 35-year-old nonsmoking female purchase for $130 a month?
Term Period (years) | Monthly Premium for 35-Year-Old Female ($) |
10 | 103 |
15 | 125 |
20 | 145 |
25 | 183 |
30 | 205 |
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