Stephanie has a homeowners insurance policy for her $355,000 home with an annual premium of $0.42 per $100 of value and a deductible of $500. Under this policy, in the event of a major mishap, Stephanie would have a total annual out-of-pocket expense of [($355,000/100) x $0.42] + $500 = $1,991Stephanie would like to lower her premium by increasing her deductible. If Stephanie wants to increase her deductible to $1000, what annual premium would result in an annual out-of-pocket expense that is about the same as her current plan?a. $0.16 per $100 of valueb. $0.28 per $100 of valuec. $0.35 per $100 of valued. $0.46 per $100 of value\ANSWER IS B ($0.28 per $100 of value) ON E2020