A man wishes to purchase a 5-year term-life insurance policy that will pay the beneficiary $15,000 in the event that the man's death occurs during the next 5 years. Using life insurance tables, he determines that the probability that he will live another 5 years is 0.94. What is the minimum amount that he can expect to pay for his premium? Hint: The minimum premium occurs when the insurance company's expected profit is zero. $ Need Help? Read It -1 points TanFin12 8.2.018. My Notes Ask Your Teacher As a fringe benefit, Dennis Taylor receives a $45,000 life insurance policy from his employer. The probability that Dennis will live another year is 0.9755. If he purchases the same coverage for himself, what is the minimum amount that he can expect to pay for the policy? (Enter your answer to the nearest cent.) Need Help? Read It