Based on their ages and cost of insurance for their age and length of policy, the total premium for the year would be B. $2,484.
Joe annual premium
= Cost for 32 year old with 15 year policy x Policy amount / 1,000
= 3.32 x 300,000 / 1,000
= $996
Melinda annual premium
= Cost for 29 year old with 20 year policy x Policy amount / 1,000
= 4.96 x 300,000 / 1,000
= $1,488
Total annual premium
= Joe premium + Melinda premium
= 996 + 1,488
= $2,484
In conclusion, the total premium would be $2,484.
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