Law College

Pete's brick house is located in the city. If his building property insurance is
$487.50 per year, how much is his house worth?
Annual Premium per $100 of coverage
Brick
Steel
Mixed
Wood
Area
Building Contents Building Contents Building Contents Building Contents
rating
City 0.39 0.43 0.5 0.54 0.55 0.65 0.66 0.76
Suburb 0.45 0.52 0.56 0.63
0.72 0.74 0.83 0.85
Rural 0.6 0.69
0.71 0.8
0.89
0.91 1
1.02
A. $125,000
B. $185,000
C. $156,000
D. $95,000

Answers

Answer 1

Answer:

A. 125,000

Explanation:

!!!

Answer 2

As per the given data, the value of Pete's brick house is $125,000. The correct option is A.

What is Annual Premium?

An annual premium is the amount of money an individual or a business pays to an insurance company in exchange for insurance coverage for a specified period, usually one year.

To calculate the value of Pete's brick house, we need to use the formula:

Value of house = (Annual premium / Annual premium per $100 of coverage) x 100

Since Pete's house is made of brick and located in the city, the annual premium per $100 of coverage would be 0.39 for the building property insurance.

So, substituting the given values in the formula, we get:

Value of house = (487.50 / 0.39) x 100 = $125,000

Therefore, the value of Pete's brick house is $125,000, which is option A.

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