You purchase a life insurance policy which involves making 5 annual premium payments (the first payment starting today). The original premium is $1800 and the premium increases 4% each year. The time line for the payments is drawn for you. Today 1 2 3 4
$1,800 $1,872 $1,947 $2,025 $2,106
Now assume the insurance company offers you a level payment plan that has the same present value as the payment stream above but where all the premiums are the same. If the insurance company earns 10% compounded annually on its assets, what would the level payments be?
Today 1 2 3 4
$X $X $X $X $X

$1,935.38

Explanation:

Rate = 10% = 0.1

Present value of premiums = Premium Today + Premium 1/(1+r) + Premium 2/(1+r)^2 + Premium 3/(1+r)^3 + Premium 4/(1+r)^4

Present value of premiums = $1800 + $1872/1.1 + $1947/(1.1)^2 + $2025/(1.1)^3 + $2106/(1.1)^4

Present value of premiums = $1800 + $1701.82 + $1609.10 + $1521.41 + $1438.43

Present value of premiums = $8070.76

Present value of level payments = $8070.29 / (((1-(1+10%)^(-5))/10%)*(1+10%))

Present value of level payments = $8070.29 / 4.169865447

Present value of level payments = 1935.383791773462

Present value of level payments = $1,935.38

the correct answer is:

it required the president to inform congress within forty-eight hours of any new troop commitment.

the war powers resolution (1973) is a federal law designed to limit the u.s. president’s ability to initiate or intensify military actions abroad without the approval of the congress.

it establishes that the president can send armed forces into action abroad only by declaration of war by congress, statutory authorization, or in case of a national emergency created by attack upon the united states, its territories or possessions, or its armed forces.

it requires the president to notify congress within 48 hours of sending armed forces to military action.

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