4. Jaycie Marie has a 20 -year term life insurance policy for \( \$ 100,000 \). The annual premium is \( \$ 12.00 \) per thousand. What is the total premium paid for this policy every six months?
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To calculate the total premium paid every six months, first determine the annual premium for the policy. Since the policy is for \( \$100,000 \) and the rate is \( \$12.00 \) per thousand, the calculation goes like this: Annual Premium = \( \frac{100,000}{1,000} \times 12 = 100 \times 12 = \$1,200 \). Now, to find the semi-annual (every six months) premium, divide the annual premium by 2: Semi-Annual Premium = \( \frac{1,200}{2} = \$600 \). So, the total premium paid for the policy every six months is \( \$600 \).
