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if you’ve just recovered from prostate cancer within the last few years, an insurance company might require you to pay a 20% extra premium on your net premium for 3 years. Calculate the gross monthly premium during this 3 years, if the monthly gross premium after the 3 years is $100 and the monthly net premium among this $100 is $70

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Answer:

Gross premium = $100

Monthly Net premium = $70

Therefore 70 x 12 x 3 = 2,520

= 20% of 2, 520

2,520/100 x 20/1

GMP (Gross Monthly Premium) = $540

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