Answer:
$394.79
Explanation:
Data provided in the question
Premium paid in advance on March 1 = $550
Closing date of the property = June 11
Total number of days = 365 days
So, the Joe and sue share of the insurance cost is
= Premium paid in advance × Given number of days ÷ Total number of days
= $550 × 262 days ÷ 365 days
= $394.79
The 262 days is calculated from the June 11 to March 1
