To solve the problem step-by-step, let’s go through the necessary calculations and refer to the data given.
### Step-by-Step Solution
1. Determine Entry and Termination Age:
- Entry age when the policy was purchased: 40 years
- Termination age when the policy was ended: 47 years
2. Calculate the Number of Years the Policy was Held:
[tex]\[
\text{Years Held} = \text{Termination Age} - \text{Entry Age} = 47 - 40 = 7 \text{ years}
\][/tex]
3. Annual Premium:
- The annual premium given is \[tex]$3,215.33 per year.
4. Calculate the Total Premium Paid:
The total premium paid over the period the policy was held can be found by multiplying the annual premium by the number of years the policy was held.
\[
\text{Total Premium Paid} = \text{Annual Premium} \times \text{Years Held}
\]
\[
\text{Total Premium Paid} = 3,215.33 \times 7 = 22,507.31
\]
5. Determine the Extended Term Insurance Value from the Table:
From the table, we look up the values for 7 years under the "Extended Term" column:
- Years: 10
- Days: 40
### Summary of Results
Based on the calculations:
- Total Premium Paid: \$[/tex]22,507.31
- Extended Term Insurance Value: 10 years and 40 days
Therefore, when applying these calculations to the actual question scenario:
- The total amount your father paid as premium over the 7 years is \$22,507.31.
- After 7 years, the extended term insurance policy value indicates 10 years and 40 days of coverage.
