Anchors Away Charter Boats purchased a second marina valued at $565,000. Their insurance company quoted them $3.75 per $1,000 for insurance. How much would a two-year property insurance premium cost?

Question

Quizplus · Accepted Answer

The insurance cost per year is calculated by multiplying the value of the marina ($565,000) by the insurance rate ($3.75 per $1,000). This equals $2,118.75 per year. For two years, the cost is $2,118.75 * 2 = $4,237.50.

Anchors Away Charter Boats Purchased a Second Marina Valued at $565,000