Find the indicated premium. Round to the nearest cent. 
-Find the annual premium.
Face Value: $45,000
Age of Insured: 25
Sex of Insured: F
Type of Policy: Whole life
Definitions:
Compounded Semi-Annually
The method of calculating interest on a principal where the interest is computed twice a year and each interest payment is added to the principal for future calculations.
Discounted Rate
A reduced price or rate from the original cost, typically applied to encourage prompt payment or purchase.
Compounded Annually
Interest on an investment calculated once a year on both the initial principal and the accumulated interest from previous periods.
Compounded Semi-Annually
A process by which interest is added to an investment's principal sum twice per year, leading to exponential growth.
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