Problem 3-23
Long-Life Insurance has developed a linear model that it uses todetermine the amount of term life insurance a family of four shouldhave, based on the current age of the head of the household. Theequation is:
y = 164 -0.50x
where
y = Insurance needed ($000)
x = Current age of head of household
b. Use the equation to determine the amount ofterm life insurance to recommend for a family of four if the headof the household is 54 years old. (Round your answer to 2decimal places. Omit the “$” sign in yourresponse.)
Amount of term lifeinsurance $ thousands
TF Qu. 14 The shorter the forecast horizon, the more…
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