Problem 3-23 17 Long-Life Insurance has developed a linear model that it uses to

Question

Problem 3-23 17 Long-Life Insurance has developed a linear model that it uses to determine the amount of term life insurance a family of four should have, based on the current age of the head of the household. The equation is: y 163 -045x where oints y Insurance needed (S000) x Current age of head of householod eookb. Use the equation to determine the amount of term life insurance to recommend for a family of four if the head of the household is 53 years old. (Round your answer to 2 decimal places. Omit the "$" sign in your response. Amount of term life insurance sthousands Hint eferences

Explanation / Answer

Answer:

y = 163 – 0.45x

where x = current age of head of household.

Given, x = 53

y = 163 – 0.45(53)= 139.15 thousands

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