Problem $12-15$ Determining the Cost of Insurance $[$LO$12-5]$

Suppose you are $45$ and have a $$410,000$ face amount, $15-$year, limited$-$payment, participating policy $($dividends will be used to build up the cash value of the policy$).$ Your annual premium is $$1,435.$ The cash value of the policy is expected to be $$16,400$ in $15$ years. Using time value of money and assuming you could invest your money elsewhere for a $7$ percent annual yield, calculate the net cost of insurance. Use $($Exhibit $1-$A$,$ Exhibit $1-$B$,$ Exhibit $1-$C$,$ Exhibit $1-$D$)$

Note: Use appropriate factor$($s$)$ from the tables provided. Do not round intermediate calculations. Round time value factor to $3$ decimal places and final answer to the nearest whole number.

Net cost of insurance