Drake will pay $28,490 over 20 years for the premium.
Data and Calculations:
Life insurance policy = $110,000
Insurance term = 20 years
Premium rate = $12.95 per $1,000
Total premium per year = $1,424.50 ($12.95 x $110,000/$1,000)
Total premium for 20 years = $28,490 ($12.95 x $110,000/$1,000 x 20)
Thus, Drake will pay a total premium of $28,490 for 20 years.
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