Stephanie has a homeowners insurance policy for her $355,000 home with an annual premium of $0.42 per $100 of value and a deductible of $500. under this policy, in the event of a major mishap, stephanie would have a total annual out-of-pocket expense

Stephanie has a homeowners insurance policy for her $355,000 home with an annual premium of $0.42 per $100 of value and a deductible of $500.  Under this policy, in the event of a major mishap, Stephanie would have a total annual out-of-pocket expense of [ ($355,000 / 100) * $0.42 ] + $500 = $1,991

Stephanie would like to lower her premium by increasing her deductible.  If Stephanie wants to increase her deductible to $1000, what annual premium would result in an annual out-of-pocket expense that is about the same as her current plan?

a. $0.16 per $100 of value

b. $0.28 per $100 of value

c. $0.35 per $100 of value

d. $0.46 per $100 of value

B) $0.28 per $100 of value