If the policy premium on a 10 year $1,000,000 term life policy for a 45 year old male is decreased to $512, what is the percent decrease in price? (round to the nearest whole percent)

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step-by-step explanation:

the answer is c. 23/3

step-by-step explanation:

i found the life tables for the year 2012. 

life table of males at age 30. probability of dying between ages x and x+1

total population:  

29–30 . . . . . . . . . . . . 0.001030

30–31 . . . . . . . . . . . . 0.001061

males:  

29–30 . . . . . . . . . . . . 0.001420

30–31 . . . . . . . . . . . . 0.001448

white population

29–30 . . . . . . . . . . . . 0.001005

30–31 . . . . . . . . . . . . 0.001037

white males

29–30 . . . . . . . . . . . . 0.001372

30–31 . . . . . . . . . . . . 0.001399

non hispanic white population

29–30 . . . . . . . . . . . . 0.001083

30–31 . . . . . . . . . . . . 0.001116

non hispanic white males

29–30 . . . . . . . . . . . . 0.001477

30–31 . . . . . . . . . . . . 0.001503

jacob, non hispanic white male. 30 years old.

probability that jacob lives to be 30 years old. 

since the given probabilities are probabilities of dying, i think we simply subtract it from 1 to get the probability of living. we will use the probability of non hispanic white male.

                                          probability of living to be 30 y.o.

29 - 30 : 1 - 0.001477 = 0.998523

30 - 31 : 1 - 0.001503 = 0.998497