00:01
Hello students, let us solve the problem.
00:03
Here is a problem.
00:04
On june 1st, the company paid 22 ,500 premium for 36 months.
00:11
So, the company paid premium of 22 ,500 dollars for 36 months.
00:27
Insurance policy for coverage beginning on the date, referred that policy and filled the blanks with the following table.
00:34
So, as per the table, we need to fill the 36 months insurance policy coverage.
00:39
So, let us start doing the solution.
00:44
Our first step is insurance expenses for month, insurance expenses per month.
00:55
So, the insurance premium is given 22 ,500 in the question divided by 36 months, which gives us 625 per month, 625 dollars per month.
01:10
This is our first step.
01:12
And our second step is, so our second step is, we have to calculate the insurance expenses for all four years.
01:32
So, that is year 1, year 2, year 3 and year 4.
01:36
So, for this 625 we calculated previously.
01:41
So, 625 months as per the table, it is 7 months.
01:46
So, dollar 625 into 7 months, which gives us 4 ,375.
01:52
For second month, it is 625 dollar into 12 months, which gives us 7 ,500 dollar.
02:01
And for the 12th month also, it is 625 into 12 months, which gives us 7 ,500 dollars.
02:11
And for the fourth month, it is 625 into 5 months as per the table, which gives us 3 ,125.
02:19
So, this is our step 2 calculation.
02:22
Now, we will see the step 3 calculation...